Unpaid bills force Saab to temporarily halt production - but parent firm says Saab is safe
30 March 2011

Saab parent firm Spyker has said its immediate finances are in good shape, despite Saab having to halt production yesterday due to a pay dispute with one of its suppliers.

Spyker boss Victor Mueller said production had to be stopped for a couple of hours as a transport company wanted a better payment from Saab for its services.

“Saab Automobile has sufficient means to meet its immediate liquidity needs from existing and available sources," a Spyker statement said. "In addition, Saab Automobile continues to work on longer-term solutions to further strengthen its financial position and improve its capital structure.”

Sweden’s car industry suppliers association, KFG, has also said that Saab had not paid some of its members, with the association’s chairman telling local radio that its members were “angry”.

The supplier payments issue is the latest blow to Spyker’s recovery plan for Saab. Last week, respected Saab CEO Jan Ake Jonsson announced he would be retiring from the firm after 38 years. And Spyker sold off its sports car business earlier this year to concentrate fully on running Saab.

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