Saturday, August 25, 2012
Report: BMW suing Saab Automobile Parts for $3.2M
Saab might be all but dead, but that's not stopping automakers that were once involved with the Swedish brand from attempting to reclaim losses. According to a Fox Business report, BMW has filed a 2.6 million Euro suit ($3.2 million USD) with a Swedish district court against Saab Automobile Parts for deliveries that went unpaid.
In 2012, Saab Automobile AB signed an agreement BMW that would see the German automaker deliver four-cylinder gas engines for its 9-3 range.
The suit also asserts that Saab ordered a large number of spare parts, and no payments were made to BMW. At the time, Saab was far from liquid, and filed for bankruptcy in December of last year.
Though Saab was left with assets that totaled $500 million, the Swedish automaker's debts amounted to $2 billion, a part of which include the unpaid BMW deliveries.
According to the report, Lennart Stahl, CEO of Saab Automobile Parts AB has said "Our lawyers will now go through the lawsuit carefully and see if anything new has been added before we decide hat to do." This only adds to the fallout from the Saab closure. Recently, Saab's owner, Spyker filed suit with General Motors for $3 billion, claiming that the U.S. automaker, through its leadership, played a large part in bankrupting the brand.Permalink | Email this | Comments