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SAAB RUNNING OUT OF MONEY

04/01/2011

The Wall Street Journal reports that Saab is running out of money fast and may be on the brink of collapse if it does not get new funding soon. Victor Muller, whose company Spyker Cars owns Saab, is trying to get Russian billionaire Vladimir Antonov to invest in the company and provide it with much needed cash. Antonov had been with Spyker before, but General Motors forced Antonov to drop any involvement with Spyker before it agreed to sell Saab to Spyker. The company is definitely in turmoil. Last week Saab’s long-time CEO, Jan Ake Jonsson, retired; the CFO the company wanted to hire decided he didn’t want the job; and earlier this week Saab had to stop production because supplier IAC refused to ship parts until it was paid. Here’s my Autoline Insight: Victor Muller is a very crafty businessman and will probably be able to raise enough money—for now. But all this shows that Saab is in a very precarious position.

 
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