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GENERAL MOTORS CORPORATION (GM)
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BMW Sues Saab Automobile Parts for EUR2.6 Million over Unpaid Deliveries

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08/22/2012 | 05:12pm CET

By Christina Zander

STOCKHOLM--German car maker BMW AG (>> Bayerische Motoren Werke AG) 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. (>> SPYKER CARS), 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. (>> General Motors Company) claiming the U.S. car giant drove the Swedish company into bankruptcy.

Lennart Stahl, Chief Executive of Saab Automobile Parts AB, 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.

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

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article
ChangeLast1st jan.
BAYERISCHE MOTOREN WERKE -0.62% 73.74 Delayed Quote.-14.55%
GENERAL MOTORS CORPORATION -0.08% 35.48 Delayed Quote.-13.27%
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Financials ($)
Sales 2018 145 B
EBIT 2018 10 286 M
Net income 2018 8 088 M
Finance 2018 5 255 M
Yield 2018 4,44%
P/E ratio 2018 6,08
P/E ratio 2019 6,21
EV / Sales 2018 0,31x
EV / Sales 2019 0,31x
Capitalization 50 175 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 44,2 $
Spread / Average Target 24%
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NameTitle
Mary Teresa Barra Chairman & Chief Executive Officer
Daniel Ammann President
Dhivya Suryadevara Chief Financial Officer
Randall D. Mott Chief Information Officer & Senior Vice President
Patricia Fiorello Russo Independent Director
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