- Aug 22, 2011
Saab has cash to cover major debts according to probe by Swedish agency
Sweden's debt agency must've figured out the PIN to a handful of Saab bank accounts. In one of them, the agency found 5.1 million kronor, which translates to nearly $800,000 USD. That amount is enough to cover debts owed to the first four companies waiting for funds in the pay-me-now queue.
The debt agency has reached out to other banks holding Saab accounts in order to get the full picture of the automakers financial position. Though the 5.1 million SEK covers a quartet of major debt holders, the total amount owed is much higher. According to the agency, 23 claims have been posted against Saab with a total value of 50 million SEK. That works out to nearly eight million USD.
Depending on the findings of the agency's probe, Saab could either be forced to pay off its loans or pushed toward the court with bankruptcy the likely outcome... unless regulatory approval is secured for long-term funding before that comes to pass.