Saab asks creditors to accept 10% now, 90% in September

Saab production at their Trollhattan facility is halted as the automaker works out their non-payment issues with suppliers and Saab’s newest solution is asking their creditors to accept 10% of what is owed to them right now and the rest of the debt will be paid in September.

Saab has spent much of this year dealing with a serious cash flow issue that has not allowed them to pay their suppliers and things have gotten so bad that the company cannot get enough components to build vehicles. Last week, 48 of the companies owed money by Saab and parent company Swedish Automobiles (formerly Spyker Cars) filed with a Swedish collection agency to collect more than $3.6 million US and in the worst case scenario, Saab could be forced into bankruptcy. However, Saab’s recent request to the suppliers and other creditors would have Saab paying all of them 10% of what they are owed right away and the other 90% would be paid in September of this year.

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