-- BMW filed suit in Swedish court Monday
-- Saab Automobile Parts has contested claim
-- Unit liable for unpaid bills at defunct constructor Saab
Automobile says BMW
(Updates with BMW reaction)
By Christina Zander
STOCKHOLM--German car maker BMW AG (BMW.XE) is suing Swedish
spare part company Saab Automobile Parts AB, a former unit of
bankrupt car maker Saab Automobile AB, for 2.6 million euros ($3.2
million) plus interest over unpaid deliveries.
A lawsuit was filed with the Swedish district court in Nykoping
Monday.
The BMW lawsuit is the latest in a series of after-effects from
Saab's bankruptcy. Spyker N.V. (SPYKR.AE), the owner of Saab
Automobile AB before its financial collapse late last year,
recently said it has filed a $3 billion lawsuit against General
Motors Co. (GM) claiming the U.S. car giant drove the Swedish
company into bankruptcy.
Lennart Stahl, Chief Executive of Saab Automobile Parts AB which
remains a going concern, said the company has contested the claim
in earlier contact with BMW's lawyers and that it will go over the
claim again. "Our lawyers will now go through the lawsuit carefully
and see if anything new has been added before we decide what to
do," he said.
A BMW spokeswoman declined to comment.
In September 2010, BMW and Saab Automobile AB signed a purchase,
supply and development agreement regarding gasoline four-cylinder
engines, which were to be installed in Saab's 9-3 model. The
agreement also covered components and spare parts.
According to the lawsuit, a large number of spare parts and
components were ordered by Saab Automobile but never paid for,
despite repeated reminders throughout 2011. Saab Automobile, which
was suffering an acute lack of liquidity, filed for bankruptcy last
December.
The lawsuit contends that Saab Automobile Parts AB is liable for
the unpaid deliveries, following Saab Automobile's bankruptcy.
However, Mr. Stahl doesn't believe Saab Automobile Parts should
have to pay for components ordered by Saab Automobile. "Saab
Automobile Parts AB have not ordered or received any spare parts or
components from BMW," he said. "Why would a spare part company
order components for a car model that's not yet in production?"
The spare part unit is part of Saab Automobile's bankruptcy
estate even though it continues its operations. Shares in Saab
Automobile Parts AB were put up as collateral by Saab Automobile AB
in exchange for state-backed guarantees for its loans in the
European Investment Bank. The Swedish National Dept Office, the
authority which guaranteed Saab's loans in the EIB, has declared
its intention to sell Saab Automobile Parts AB in order to collect
Saab's debt.
Saab Automobile left behind debts of $2 billion backed by assets
of just $500 million.
Write to Christina Zander at christina.zander@dowjones.com
Nico Schmidt in Frankfurt contributed to this article.
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