GM sets aside $144 mln to pay Saab supply bills

Sun Mar 1, 2009 5:25pm EST
 
[-] Text [+]

STOCKHOLM, March 1 (Reuters) - General Motors GM.N has put aside 1.3 billion crowns ($144 million) to pay suppliers to its Swedish Saab Automobile unit, which was granted protection from creditors in February, daily Dagens Industri said on Sunday.

GM supply manager Bo Andersson said in an interview that the U.S. firm would begin on Monday to pay bills left unsettled when Saab was granted protection from creditors on Feb. 20.

"We don't have any problems with deliveries to Saab now," Andersson said.

The paper said GM on Friday had also handed over 1.4 billion crowns to Guy Lofalk, the man appointed to restructure Saab, to keep the company operating.

 

Featured Broker sponsored link

Analysis

Sheikh Mohammed bin Rashid al-Maktoum (C), Ruler of Dubai and United Arab Emirates' Vice President, attends the opening ceremony of Metro Dubai September 9, 2009.  REUTERS/Dubai Ruler Media Office/Handout
"Dubai model" was the vision of one man

The "Dubai model" -- building shining cities in the desert at breakneck speed through the import of foreign residents, finance and labor -- is now on the ropes.  Full Article