Saab Getting Closer to Collapse as Many Bills Remain Unpaid

From how things are going for Saab it looks like the manufacturer is going down hill without brakes. Theoretically things were looking good for a while as the Swedish maker as many investors lined up to pump hundreds of millions of dollars into the company but that didn’t happen. Given the fact that suppliers increased pressure in order to determine Saab to pay the $625,000 they’re owed the Sweedish Enforcement Agency is warning it may start legally seizing the carmaker’s assets.

It could be the very beginning of the collapse for Saab. It’s worth mentioning the fact that that the manufacturer has been struggling to re-open its headquarters in Trollhattan since March when parts manufacturers began their boycott. Though Saab thought it had found the way out when it lined up a series of deals in China, but they fell through just days after the have been announced or they got caught in the bureaucratic red tape.

Also, the Russian banker Vladimir Antonov proposed a multi-million-dollar stock purchase but it has been put on hold. Earlier this month Saab managed to raise cash so it would be able to pay white-collar Swedish workers., by selling 4 million shares to GEM Global Yield Fund. But it did not manage to find enough cash to cover the bills from suppliers.

“We have contacted Saab’s banks,” an official of the Swedish Enforcement Agency. This could be the forthcoming seizure of Saab assets, which could come in the next few days as more of Saab’s many bills remain unpaid, as related by The Detroit Bureau.