By Mark Hamilton
Motor Industry
5 April 2011 16:06
News today that Saab had stopped producing anymore, because of problems paying suppliers, has raised further questions over the long term financial viability of an independent car maker.
Saab says continues to negotiate with local suppliers to guarantee supply of spare parts, but refused to say when production can resume.Saab does not have a supplier problem last week?
Yes. There is a three-day suspension last week while Saab negotiating agreements with the International Automotive Components Group (IAC), which supply Saab with dashboards and other interior parts. It is said to have been completed last Friday.
On the same day, the parent company Spyker Cars NV publishes annual report, saying that it needed additional funds on time to ensure business continuity.
news today that additional Saab supplier has discontinued the supply of spare parts. Chief executive FKG, the Swedish supplier of automotive industry associations, Svenake Berglie told Reuters news agency: "They can not pay their bills. This is very, very unfortunate. Saab needs to sort out the financing company.
Reuters also quoted Raufoss Norway suppliers, manufacturers of suspension components. Raufoss said was owed significant amounts and are awaiting a decision from Saab before sending the next shipment due on Thursday. 'This is a major problem for Saab as we and many other suppliers are holding back because of uncertainty, "said director Leif Bronken Raufoss.But not in the interests of suppliers' best for Saab to continue?
Suppliers face a difficult financial situation as the industry reacts to the global financial crisis in recent years. Accountable to their own investors and lending institutions, suppliers may not be in a position to extend loans more profitable Saab. Recent history follows the bankruptcy of GM's recapitalization and sale to Spyker Saab may also cause doubt Saab ability to make payments.But not Spyker Cars NV has an investor ready to go?
More complicated matters is the situation of investors preferred Spyker Cars NV's, a Russian banker Vladimir Antonov. During the original sales negotiations between GM and Spyker Cars NV, GM insisted on as a state sales exempt from Antonov purchase.
Swedish National Debt Office, which has guaranteed Spyker's € 400m loan from the European Investment Bank, must give permission for Antonov to invest in Saab. National Debt Office has confirmed has received an application from Antonov but declined to comment further when the application is considered.6 April update: Saab shutdown could last several days
Latest news from Saab is that the company continues to negotiate with suppliers. The company is' working hard to accomplish things that lift the situation ", said Gunilla Gustavs Saab spokesman told Reuters. However, there has been no indication of a resolution to a problem today. Meanwhile, a representative of Unionen, the union that represents Sweden's Saab, said that the Saab factory in Trollhatten employees have been given the rest of the week off work, while negotiations continue to supply spare.
Representatives from the defeated Vladimir Antonov Saab investors have been more vocal. Lars Carlstrom, Antonov representatives in Sweden, told Reuters, 'This is not an alarming situation. This is not something that will cause great damage to Saab. 'If Mr. Antonov allowed back, no problem for Saab's short-term financing. "
The 35-year-old Russian banker himself also appeared to offer comment on the situation via his Twitter account. 'Only !!!!! let me at:!) 'and' Money does not talk:) sometimes they shout '! are two of the latest updates on my account 'vladantonov1975', which is verified for identity but the link to the official homepage of Antonov's.7 April update: FKG explain the deadlock suppliers, Saab and hold private negotiations as the plant remains idle
Svenake Berglie, chief executive of FKG body Swedish automotive suppliers' industry, has stated that the current crisis is not about credit terms for future orders, but failed to pay invoices Saab existing suppliers. "There is a perception in the media that there was discussion about the time the loans and the like, but not about that, it is about the fact that Saab should pay the bill.," Said Berglie Reuters."I do not know how much it totally, but we are talking about tens of millions (Swedish crowns),"
IAC Group, which sparked last week halted production which is considered to have settled on Friday, April 1 also commented on the situation. Andreas Ljungberg, Director Commercial Vehicles at IAC told Reuters that the company had a close look at cash flows to assess the delivery of the future. "Obviously, we have outstanding payments until the rate at which we can not further increase our exposure."
Gunilla Gustavs Saab spokesman said the car manufacturers are working intensively to get the supplies moving again. "We hope that we can resume normal production by early next week," he said. "A lot of work towards strengthening the company's financial position." (Reuters)8 April update: Saab seeking release of funds from the EIB loan was to cover the payment of suppliers
To overcome the immediate cash flow problem and restart production, the Saab is said to look more attractive-down funds from its € 400m European Investment Bank loans. Saab is believed to have used the € 260M loan, and the Swedish business newspaper Dagens Industry reports that further funds are trying to resolve supplier payment issues. There was no comment from the Saab or the parent company Spyker Cars NV has been published about the report, as private negotiations between various parties continue. (Automotive News)
CAR will continue to monitor the situation at Saab and update this story because it develops
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