Four new bankruptcy applications

The lawyer firm Hamilton have filed no less than four applications yesterday late afternoon on behalf of their clients Takata-Petri AG, Takata-Petri (Sachsen) GmbH, SC Takata-Petri Romania SRL and Takata-Petri Parts Polska Spzoo.

Their demands are (respectively) 700359.23 euros, 148683.45 euros, 473319.73 euros and 596864.78 euros.

From wikipedia:

Takata-Petri, is the global leaders in the producing steering wheels and researching/producing plastic parts, not only in the automotiveindustry. They are also one of the top employers, and they deliver the best quality of plastic parts worldwide.

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The court also announced that one of Saab’s employees have withdrawn his/her bankruptcy application. He/she has also withdrawn his/her permission for the union to file on his/her behalf.

JH
Member

At least they seem to be from the same company group…

Bravada from GMI
Member

In today’s Saab news:

* No. of bankruptcy applications filed
* No. of bankruptcy applications withdrawn

I wonder of Sweden’s bankruptcy court and law firms have already considered setting up separate “Saab bankruptcy demands” departments.

ivo 71
Member

Strange. That is around 2 million euro’s all told. How many steering wheels does that buy? I would say more than the number of cars Saab has produced since the buy-out by Spyker. Plus that I thought that one of the ‘big’ problems people had with the NG 9-5 was that it has a standard GM steering wheel.Someone trying to make an extra buck?

Ivo

rune
Member

I also came across something about producing seatbelts and airbags..?

The documents did not include the invoices, even though they were mentioned in the filings.

belgian_roadster from Eupen, DG
Member

Takata is one of the world’s leading suppliers of advanced automotive safety systems and products. http://www.takata.com
I know their devices from Motorsport, didn’t even know I have it in my Saab 🙂

A-RO 95
Member

Although the 9-5 has a “GM” steering wheel there are some subtle differences. My guess is that it is mainly airbag components though and it could also include development and tooling costs.

KarlR
Member

I dont understand why they put in there demand now when there already is a bankrupcy demand?

Saabim
Member

Me too. It seem’s they are playing a game with Saab. 🙁

Jeff
Member

They’re basically trying to get Saab’s attention to guarantee they’re paid. I wish they’d all realize the less bankruptcy demands they make the easier this process to get paid back will be for everyone. For some of the larger companies that aren’t hanging by a thread, it’s the equivalent of swerving around and cutting off a line of traffic that’s been waiting to get by an accident.

Audun
Member
TonymacUK
Member

For all their reported expertise, they must have very poor credit control. The amount mentioned equates to about 2,000,000GBP!

Khrisdk
Member

Depends of the size of the company
This is not one of the small suppliers.
You can check them here

Peter95
Member

For all their reported expertise, they must have very poor credit control. The amount mentioned equates to about 2,000,000GBP!

If you are on 60 day terms then that will mean you will have at least 3 outstanding invoices before one is late.

Takata are a big supplier of safety systems (airbags, seat belts etc) They also do a lot of development work so it isnt just purely parts supply.

OliverH
Member

Everyone demanding bankruptcy now is in a position to make a deal for the time after this periode. That’s business and tactics.

ivo 71
Member

Kind of moot, isn’t it? The reconstruction, if granted, can last up to 12 months, if necessary. After the reconstruction period Saab wil either have been enabled by the Chinese to pay everyone off and carry on or declared bankrupt. By filing for bankruptcy now your position as a supplier will not be made stronger if Saab survives. More like weaker, given that there are more manufacturers of steering wheels, safety belts and plastic mouldings around the globe.

Ivo

Mark
Member

I found this photo today and it just made me think of Maud! Lovely car though.

jlb.llb
Member
Hi all. It is very sad to see Saab in such financial difficulty. I truly hope that production can be restarted so that the Chinese funding will come into play. I felt that I had to clear up the notion of what bankruptcy actually is. I’m sorry if this sounds a bit pedantic, but some of the comments left do indicate that this point needs to be cleared up. Whilst I know nothing of Swedish law, I am qualified to speak on English law. Bankruptcy is a term to denote when an individual, or corporate body (like a company), SAAB… Read more »
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