According to published reports by Swedish based; The Local, production lines at struggling auto maker Saab’s Trollhattan plant has ceased. Apparently this is because the Swedish Customs has temporarily blocked the transportation of all goods to, and from the factory after revealing that Saab has failed to pay considerable amounts of custom duties.
Due to the discontinuation of the parts supply into the factory, Saab had no choice but to grind everything to a halt. This sudden and unforeseen event occurred after the General Motors-owned brand filled for reorganization in Swedish courts a couple of days ago on March 21st.
Customs officials revealed that Saab has to pay the amount (which was undisclosed) it owes the agency in order to resume its factory operations and the agency confirmed that the auto maker has to pay every single cent of it, and that the customs has no interest in giving the struggling auto maker a helping hand.
In another development, Saab is seeking an approximate amount of US$ 1 billion to enable the restructuring to take place and thus far it has yet to receive any indication regarding the crucially needed funds. By filling for restructuring, Saab will be reshuffled into a whole new organization that would be viable for investment. The courts in Sweden will appoint an executive who will head the company during the period.
Saab might go bankrupt in 10 days