- Jun 16, 2011
Consortium of businesses threaten to push Saab into bankruptcy
It would be an understatement of biblical proportions to say that Saab is having a bad year. Near daily accounts of the automaker's financial issues roll in like a rash of plagues, while very few vehicle are rolling out of the assembly plant. Now comes word that a consortium of businesses are preparing to turn the screws and, quite possibly, push the Swedish automaker into bankruptcy.
According to The Truth About Cars, a group of 48 business entities have joined up with the Swedish Collections Agency known as the Kronofogden. Owed debts among those joining together range from $198 up to $774,083. The total amount owed to all 48 in the consortium rings the registers at $3,672,944.
That figure is solely comprised of those appealing to Kronofogden for assistance. Others are waiting on payment from Saab, and that $3.6 million is only a fraction of the automaker's tota debt load. A Chinese cash infusion can't arrive fast enough at this point.