Saab Sees its Asset's Frozen

2011 Frankfurt Auto Show

Saab is close to bankruptcy, however, the Swedes are clinging to life for the time being.

A few days ago we learned that Saab had decided to pull out of next month's Frankfurt International Auto Show, and now we have learned the reason why. The Swedish Enforcement Agency has contacted several banks informing them that Saab's assets will be frozen shortly. Officially, Saab owes around $625,000 to unpaid suppliers in Sweden. The Swedish car manufacturer also owes around $3,672,944 to about 48 suppliers and a large sum also needs to be paid to employees, including back earnings.

They previously went two months without paying their employees. As the Swedes scurry to raise funds to survive, the end could be near as they still must pay their 3,600 employees at the end of this month.

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