Saab subsidiary Saab Tools has announced it has filed for bankruptcy after ongoing cash shortages at parts supplier SwePart Verktyg AB could not be settled. The parts supplier applied to Saab Tools to file for bankruptcy late last week. Swedish Automobile - the owner of Saab - has said it is trying to resolve the problem, saying in a recent statement:
"Swedish Automobile N.V. confirms that one of the suppliers of Saab Automobile Tools AB (Saab Tools) filed for bankruptcy of Saab Tools, a subsidiary of Saab Automobile AB. The District Court has received the filing, but has not yet rendered a judgement which is expected in a few weeks. Saab Tools is currently assessing the issue and aims to resolve the issue as soon as possible."
These parts shortages, as well as others, have caused more delays at Saab's Trollhättan production facilities, and thus production has been postponed until at least late August, according to reports. Saab's Gunnar Brunius, vice president of production and purchasing at Saab, recently said,
"I am positive about the progress we made on the payment terms with our suppliers and it is good to see that we all want to make it work. What we need now is a full commitment on supply of parts into our factory to be able to restart production and secure a stable manufacturing operation."
We'll continue to keep you informed on any other updates as they surface.