End may be near for Saab, repo man tracks down assets

Saab is trying to hold off the grim repo man.

Sweden's debt enforcement agency began tracking down Saab's assets and the ailing automaker's was temporarily frozen out of its bank account today as the troubles just keep piling up.

The carmaker that virtually hasn't made a car since April told

that the freezing of the account was a bank mistake and that the company again had access to funds.

Saab, owned by Swedish Automobile (the former Spyker) that it's still on track for the necessary approvals in China and Europe for its long-term funding deal with Zhejiang Youngman Lotus Automobile and Pang Da Automobile for a joint venture to make and sell cars in China and a 51% stake in the Saab operation. It also continues to pursue possible financing from a Russian investor.

But for how long?
reported today that Sweden's debt Enforcement Authority has begun tracking down Saab assets in preparation for possible seizure, a process that could eventually lead to forced bankruptcy.

Saab production remains shut down because unpaid suppliers no longer will deliver parts. It is the unpaid suppliers that appealed to the debt agency to begin action.

The company has also delayed worker paychecks in June and July while it scrambled for short-term loans to make payroll. It will face that hurdle again at the end of August. It unions threatened to force the company into bankruptcy last month before Saab came up with the cash for the paychecks.

You have to wonder how long the company can keep up the scramble for cash to put out each new fire and keep the creditors at bay while waiting for the Chinese rescue.