Saab subsidiary dodges bankruptcy

TROLLHATTAN, Sweden, July 22 (UPI) -- Saab said it reached a payment agreement with a supplier that had filed a petition in court to have Saab Automobile Tools declared bankrupt.

The supplier, SwePart Verktyg, filed papers in the Vanersborg District Court to have the Saab subsidiary declared bankrupt after growing impatient over late payments Tidningarnas Telegrambyra reported Friday.

SwePart Verktyg Chairman Lars Thunberg said Saab owed his firm $800,000 and had missed a June 2 payment.

"Many of us are in the same boat. And what can you do when the other party does not get back to you?" Thunberg said.

"I do not want them to go out of business, that you have to understand, for it would be terrible. But for us, who are a small company, this constitutes a lot of money," he said.