It's a sad story for Saab owners around the world. The only vehicle actually being built right now is reportedly just the 9-4X Suv model with the rest of the Saab model line on hold while every day is undoubtedly causing heartburn in the board room.
While Chinese (and other? the Russian banker Vladimer Antonov?) investors promise millions in badly needed support money to keep the Swedish maker going, time is running out while the Chinese struggle with their bureaucratic red tape that prevents money from flowing to Sweden. By the time it does, it may be too late. Reportedly unpaid suppliers are owed $625,000 and the government is threatening to simply being the legal process of seizing the Saab assets. If that happens, the company would very likely fold.
Meanwhile Saab dealers have little in the way of inventory. Saab itself is building very little. And without vehicle shipments occurring, the money is running out.
Swedish Enforcement Agency representatives, who are the ones in the government who would do the asset seizure, have now publicly said that they have contacted Saab's banks - the first step in the process that could spell Saab's demise and that could come at any moment.
Millions of dollars in payroll is due to be paid out this week and that could well drain the bank account to near nothing status.
We certainly wish no car maker ill, but Saab certainly already has its share. If you haven't figured it out yet, now is probably not a good time to buy a Saab.
ABOUT THE AUTHOR
Known nationwide as a leading Lemon Law attorney, Ronald L. Burdge has represented literally thousands of consumers in "lemon" lawsuits and actively co-counsels and coaches other Consumer Law attorneys. From 2005 through 2018, attorney Ronald L. Burdge has been named as the only Lemon Law Ohio Super Lawyer by Law and Politics magazine and Thomson Reuters Corp., Professional Division. Burdge restricts his practice to Lemon Law and Consumer Law cases. The Ohio Super Lawyer results are published annually in the January issue of Cincinnati Magazine. Ronald L. Burdge was named Consumer Law Trial Lawyer of the Year 2004 by the National Association of Consumer Advocates, the nation's largest organization of consumer law private and government attorneys. "Your impact on the auto industry has been magnified many times over because of the trail you blazed for others," stated NACA's Executive Director, Will Ogburn. Burdge has represented thousands of consumers in Ohio, Kentucky and elsewhere since 1978 and is a frequent lecturer to national, state and local Bar Associations and Judicial organizations. Burdge is admitted to Ohio's state and federal courts, Kentucky's state courts, and Indiana's federal courts. Other court admissions are on a "pro hac" temporary, case by cases basis.