SWEDEN: Kongsberg Automotive still talking to Saab to recover money
Kongsberg Automotive says it is still in talks to recover debt owed by stricken Saab and appears to pour cold water on a previous attempt by the automaker to propose an initial 10% settlement.
The components supplier is owed around EUR500,000 (US$714,000) by Saab but despite the significant debt, is not calling for the carmaker's bankruptcy.
"We are not looking for Saab bankruptcy - we want our money that is all," Kongsberg Automotive EVP driveline Joachim Magnusson told just-auto. "If people pay on time, I am happy and I will continue to supply parts.
"If you say you are in negotiation, that means you have obviously, you have not accepted the 10% offer, so we are negotiating. With our customers we have a mutual agreement where both parties need to stand...for their obligations. It should not be difficult to understand the frustration of Kongsberg as suppliers - and all suppliers."
Saab's supplier situation is just one part of a complex series of elements that need to come together in order for it to restart production at the Trollhättan plant.
Around 1,500 white-collar workers continue to go unpaid for July, although Saab parent Swedish Automobile today (3 August) raised the possibility of that being resolved by issuing a subscription notice for five million shares under the current equity facility between itself and GEM Global Yield Fund.
Kongsberg Automotive is a global provider of engineering, design, and manufacture for seats, driver and motion control systems, fluid assemblies, and industrial driver interface products.
Its product line includes systems for seat comfort, clutch actuation, cable actuation, gear shifters, transmission control systems, stabilising rods, couplings, electronic engine controls, hoses, tubes and fittings.