Saab Automobile Parts AB, the former parts division of Saab, is being sued by BMW for $3.2 million over unpaid deliveries of spare parts allegedly ordered by the automaker before its December 2011 bankruptcy, Fox Business reports.
BMW and Saab signed an agreement in September 2010 in which BMW would supply four-cylinder engines, components, and spare parts for new Saab 9-3 models. The lawsuit asserts that Saab ordered a large quantity of components and spare parts from BMW that haven’t been paid for and that the spare parts division is now responsible since the automaker went bankrupt in December.
"Saab Automobile Parts AB have not ordered or received any spare parts or components from BMW," said Lennart Stahl, Chief Executive of Saab Automobile Parts AB to Fox Business. "Why would a spare part company order components for a car model that's not yet in production?"
Saab used the spare parts unit as collateral for loans from the European Investment Bank. The spare parts division will be sold off to collect the automaker’s debt. When Saab went bankrupt it had only $500 million in assets, but was $2 billion in debt.
Earlier this month, Spyker filed a $3 billion lawsuit against GM saying the automaker forced Saab to go into bankruptcy for not allowing Chinese investors to buy Saab’s assets. GM said that Saab’s assets included GM technology, which could compromise the automaker’s global operations if sold to Chinese automakers.
Source: Fox Business