After a tiff with suppliers who had halted their parts deliveries, Saab has now resumed production at its main factory.
Like a deadbeat dad, Saab had stopped paying their suppliers. But the company had an excuse, and a potential solution: after their sales plummeted for the last few years, they appealed to former Spyker chairman Vladimir Antonov for an investment worth $140 million. Spyker CEO Victor Muller plans to sell his sports car company to Antonov, and the European Investment Bank is loaning $563 million to Saab to continue keeping them afloat.
The return of Antonov hasn’t been without its own drama, however: Antonov has been investigated for his ties to the Russian mafia, and his return must be met with the approval of the EIB. ”It’s in the interest of the company to have him back in,” said Muller. “What we want is a backup situation in the event we would need the money. We need to have a bigger buffer.” Hence, the dispute with the suppliers.
“We can’t continue to deliver to [Saab] if they don’t pay us in full,” said spokesman Pierre Olsson for DB Schenker, a German supplier. The company, along with others, are meeting with Saab to settle the dispute in the hopes that Saab can match their sales target of 120,000 cars this year and become profitable by the next.
[Source: The Detroit News]