Saab’s inability to pay suppliers led it to request a release of some of its debt collateral by Sweden’s National Debt Office, reports Reuters. The NDO has loaned Saab €400m, but with its Russian backer Vladimir Antonov still unable to inject cash into the company, Saab was forced to ask for some of its NDO loan collateral in order to cover its supplier debts. But, according to another Reuters report, NDO spokesfolks say
It is clear what the problem is and everyone possible is trying to solve the problem… a solution to the problem had seemed in sight, but that in the end it did not work out.
The NDO says it will keep working with Saab, and the automaker predicts a resolution by next week (without offering any further details). After a year of independence from GM, the Swedish brand could well be reaching the end of the line.
So let me get this straight…the only way SAAB survives is if a Russian mobster gives them money to keep going? Excuse me, alleged Russian mobster.
Is that a sound business plan?
For the alleged Russian mobster, no.
I’m going to venture a guess that the Russian mobster thought that he didn’t have to pay any bills. This is how mobster work. You send me parts, I build cars, I don’t pay you. You keep sending me parts or I break your child’s knee caps starting at neck.
What? You mean international banking community is bigger mafia? Who knew?!? I should go to business school, more easy money to be made if I am legit Russian businnes man. No?
My wife and I went to our local Cadillac-SAAB-Land Rover dealer to look at a CTS (she wants one, but I digress), and as we were walking across the lot past a few SAABs, I asked the sales guy if SAAB was still a going concern…his response was, yes, but we don’t really know how far they’re going. <rimshot>
Oil blew past $112 today and Americans are STILL looking at Cadillacs and Land Rovers?? that might get 25mpg going downhill? Yeah, by all means, get those turbod 4cylinder SAABs off the lot to make more room for the avalanche of Caddy and LR customers that are surely coming.
Europeans still make, sell and buy the world’s most expensive, most gas guzzling vehicles. People who have money will gladly spend it to show off that they have money. So, yes, people are still buying high end vehicles even in places where gasoline has been selling for over $5/gallon for a long time.
Essentially all of the >$100k, < 12MPG cars in the world come from England, Germany and Italy.
These Saab stories are getting wearisome. Please, someone take off the respirator and let poor Saab rest in peace.
Dear SAAB bashers,
“poor” SAAB is sure facing a rough ride till they’ll be on an easy road again. I guess, you’ll have another two years to repeat your prayers. Enjoy the time! In 2013 it’ll be over, I’m pretty sure. No more SAAB bashing then. So, don’t forget to watch out for someone else to worry for!
Yours sincerely
saabista63