SWEDEN: Kongsberg Automotive could recover Saab debt next week
By Simon Warburton | 19 August 2011
Kongsberg Automotive could be paid its outstanding debt from Saab as early as next week, following investigations by Sweden's debt enforcement agency.
The supplier that produces interior systems components is owed between EUR500,000 (US$716,000) and EUR700,000 and was one of the first companies to be named by Sweden's debt enforcement agency Kronofogden as a creditor.
But despite insisting to just-auto this week it did not want to tip Saab into bankruptcy, Kongsberg took a hard line at the same time, insisting it was "not going to give money away for free."
Saab missed a payment deadline to Kongsberg Automotive and consultants Infotiv this week allowing Kronofogden to look at the automaker's Swedish bank accounts to see what cash remained.
And an enforcement officer at Kronofogden revealed to just-auto today (19 August) the agency estimated Saab to have up to SEK5.1m (US$791,000) with Swedish bank SEB - more than enough to pay the Norwegian component producer.
"That SEK5.1m would cover the debt to Kongsberg Automotive - if that is the case we will pay Kongsberg - it will take a week," the Kronofogden enforcement officer told just-auto from Sweden.
"We have spoken to Saab about this today - they can't say that much."
Kronofogden is continuing to examine Saab accounts in other Swedish banks, although it does not have the authority to request information from foreign financial institutions.
"They [Swedish banks] have to give us the information - that is a legal requirement," added the enforcement officer. "It is not possible with foreign banks - Saab has I think quite a few foreign banks."
Further information is expected from Kronofogden when it meets Saab, possibly as early as the middle of next week.
The exact amount of money Saab has with SEB is due to be calculated potentially by next Tuesday (23 August).
Kongsberg Automotive was not immediately available for comment.
Sectors: Financial, Vehicle manufacturers
Companies: Saab, Kongsberg Automotive
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SWEDEN: Kongsberg Automotive could recover Saab debt next week
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