Four new bankruptcy applications

by

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.

—-

The court also announced that one of Saab’s employees have withdrawn his/her bankruptcy application. He/she has also withdrawn his/her permission for the union to file on his/her behalf.

17 thoughts on “Four new bankruptcy applications”

  2. 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    * No. of bankruptcy applications withdrawn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.

  3. 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

    • 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.

  5. 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.

    • 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.

    • 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.

    • 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

  11. 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 in this case, is deemed by a court to be unable to manage its finances. A creditor can ask that court to place the entity in financial difficulties into this state when (a) the amount is over a trigger value (in the UK this is £750.00) and (b) there is evidence that the debt is due right away and the required payment has been defaulted upon. If the debtor entity is placed in this restriction, then an official called a receiver must gather up the assets of the debtor, which in turn includes money owed to that debtor. The receiver must calculate how much is owed to all the eligible debtors. If the assets are more than the debts, the receiver will work out a schedule of payments to creditors. Secured creditors are entities that have some kind of guarantee to be levied against assets of the debtor and these will be first in line to get paid. Payments to other creditors will be made on a pro rata basis of what is left. Any attempt to hide assets from the receiver is fraud and is treated as a criminal offence.

    Now the really big point is this. It only takes ONE successful petition to the court to force a debtor into bankruptcy. So it doesn’t matter how many petitions are made, if one has already been granted by the court. Once granted the debtor entity is dead and any creditors that have not received payment in full will have lost the outstanding balance.

    Sadly we all watch as Saab dodges the bullet in a commercial game of Russian Roulette. I want Saab to survive and keep producing brilliant, thoughtful and distinctive cars. It is sad to see companies lining up to put bullets in the barrel. I feel for the families of the SAAB workers, for they are loyal and their stay on the bankruptcy petition for unpaid wages must be hurting badly. But I fear that if some other creditor beats them to it, that they will loose out . It is a great shame that the Swedish government cannot or will not guarantee the wage bill. This would relieve a great deal of hardship and take a lot of pressure off SAAB and would go a long way to making up for the EIB/Antonov saga.

    Well I hope I haven’t antagonised people here, and I genuinely wish SAAB the best. I want SAAB to survive and make some incredible cars.

Comments are closed.

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close