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Beginning of the end?: Saab halts all productionby Drew Johnson
Things have gone from bad to worse for General Motors' Saab brand, with the Swedish automaker being forced to halt all production on Wednesday. Saab reportedly owes the Swedish Customs Agency a "considerable" sum of money for back duties, with the agency blocking all Saab transportation until the full amount is paid.
The news of the production halt follows closely on the heels of Saab's bankruptcy filing. No monetary figure was given with the report, but it is likely far more than Saab has in cash reserves.
"The Customs Agency is holding onto our goods," Saab production manager Gunnar Brunius confirmed with The Local. "I have received no indications about us being unable to pay."
The Customs Agency is blocking all Saab shipment originating from outside the European Union. In order to resume production, Saab must either come up with the money itself or receive financing from another source. "Saab is not getting a penny of credit from us," a Customs agent added.