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Saab Halts All Production, End Is Nigh?

Thursday February 26th, 2009 at 5:22 AM
Posted by: tonyb

Saab

Saab, acquired by GM a while back, and pretty much steadily underperforming since has been hanging by a thread for at least 9 months, and now things have gotten even worse. The Swedish automaker was forced to halt all production on Wednesday (the 25th), reportedly due to owing the Swedish Customs Agency a “considerable” sum of money for back duties. The upshot being the Swedish Customs Agency is blocking all Saab shipments originating from outside the European Union. If Saab wants to resume production, they must either come up with the money or receive financing from another source. “Saab is not getting a penny of credit from us,” a Customs agent added

Saab production manager Gunnar Brunius, had this to say, “The Customs Agency is holding onto our goods. I have received no indications about us being unable to pay.”

News of the production shut down follows closely on the heels of the bankruptcy filing by Saab. No dollar figure was mentioned in news from Scandinavia, but most likely it is far more than Saab has in cash reserves.

Source: LeftLaneNews





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