Spyker halts Saab production 15 | 04 | 2011

SAAB PRODUCTION has been halted by parent company Spyker. The problem has been caused by a short-term liquidity crunch which it must resolve to pay suppliers.

Having implemented rolling stoppages earlier this year, Spyker has now closed the factory which employs about 1,200 production workers and which, at full capacity, can make about 200 cars a day.

According to reports, once it has obtained funding to pay outstanding debts with its suppliers, Saab Automobile expects it will be able to resume normal production within a week.

Spyker also said it was trying to sell and leaseback the Swedish carmaker's real estate to raise cash to pay suppliers and is also hoping for an investment from Russian businessman Vladimir Antonov.

Keep up-to-date with all the latest news by following us on twitter.com/scotcars

Jim McGill