Dangerous loans…

July 22, 2011 in News

From GP.se (original article here):

To allow for the EIB-Loans Saab Automobile was divided up into several different companies. One of them was Saab Parts with spare parts and Saab Tools for machines and tools.

According to the half year report, Saab Parts has an invoice to Saab Automobile of 315 million SEK (~ €34,6 million). The accountants have issued a warning that these money will go lost if Saab Automobile would go bankrupt. This is also the reason why Saab Parts will not get a credit-rating by the company Business check.

Saab Tools has an unpaid invoice from Saab Automobile of more than half a billion SEK. The accountants are also issuing warnings here that Saab Tools might not survive if the main company fails.

Lennart Ståhl, CEO of Saab Parts in Nyköping, say to GP that he does not know what those 315 million SEK are about. But to a local newspaper in Sörmland, he admits that the mother company has borrowed money. Saab Parts have 280 employees and a turnover of about 1,5 billion SEK during 2010.

The half-year documentations also states that Saab Parts have given away a sum of 680 million SEK to the mother company.
– Because we are a security for the EIB-Loan we’re visited by the National Debt Office twice per year. They were her a month ago and had no issues with our business say Ståhl.

Borrowing money from a daughter-company is legal but in times of financial difficulties it also means a great risk according to the accountants.

Rumors of parts being shipped from Saab Parts during the three days of production when Pang Da visited Saab is denied by Lennart Ståhl.
– Saab and Saab Parts usually borrow parts from each other.

Joachim Lind, CEO of ANA claims that there is a huge lack of spare parts.
– We have had big problems getting parts during the spring and summer especially with the new 9-5 model. We have discussed the issue with Saab Parts. When warranty issues are in concern, we use original parts but for other repairs we are forced to use parts from third party suppliers.

Ståhl denies that there is a general lack of spare parts.
– some parts are out of stock but we have no general problems. It’s not like we have an empty warehouse because parts are sent to the Saab factory.

Note from SaabsUnited: We have during the past months received several reports from several dealerships around the world and car-owners that their cars are left standing still due to the lack of parts. I, myself have had problems getting parts.

9 responses to Dangerous loans…

  1. I have heard that Saab Automobile suppliers refuse to supply parts to Saab Parts AB although they hav always paid their invoices on time. In some cases they apparently even offer to pay all up front but were still reused shipments.

    I don’t know if it is down to bad contract signing or if the suppliers are trying to the situation worse for Saab and ultimately themselves. Seems rather stupid to me.

    Saab UP guys!

  2. I also have problems with spare parts for my new Saab 9-5. It;s a strange situation and I’m concerned about it. This can not go on for too long. I drive a € 60.000 euro car and there are no spare parts! Pfff…

  3. .
    This bodes badly for the 9.5, if there is no spare parts of OEM origin available..

    • Terry9000K But how must this go on? Will there be a sollution or something? Have you any idea? I have a problem with the bumper…

      • As I wrote above the suppliers are hiding from delivering to Saab Parts AB by saying: if we don’t get money from Saab Automobile AB, we will not produce for you either.

        Ultimately, several suppliers could have helped themselves by producing spareparts for Saab Parts AB until things got solved for the manufacturing side. Instead they chose to shutdown production, leaving Saab and Saab customers without parts to fix already sold and delivered cars.

        If people, read all parties had been smoother from the beginning we wouldn’t have this situation. Unfortunately prestige got more important.

        • It appears one of the problems here is the subsidiary company (Saab Parts AB) has used it’s then good relationship with suppliers to order parts, which were then re-delivered to the parent company (Saab Automobile AB), which has not then paid it’s subsidiary company (Saab Parts AB).
          This has then helped ruin the parts business & it’s credit with suppliers.

          Suppliers will have seen this going on & stopped the supply, as they were not getting anything from Saab Automobile AB.

          Inter company transactions are quite common, but usually they pay each other.

  4. terry9000k Thankx for your reaction.So for the long term the lack of parts is a solvable problem?

    • Providing the OEM manufacturer continues to make the parts & that probably will depend on Saab continuing in business……

  5. I understand. Fingers crossed..