Thursday, July 25, 2024

Huge car company bankrupt – everything must be paid in cash

The credits are over. At least at IAC Group, which after a bankruptcy last week, must pay its suppliers in cash.

An expected shock passed through Sweden last week when the major subcontractor IAC Group went bankrupt.

The company's bankruptcy threatened to cripple production at brands such as Volvo Cars, Volvo Trucks and Scania.

But immediately after the news of the bankruptcy came out, three customers stepped in with funds so that production can be kept up to date.

The bankruptcy is due to Sweden's largest tax debt for a company. Namely a whopping 1.2 billion Swedish kroner. This corresponds to 780 million Danish kroner. In addition, according to the company, there is a debt of between 50 and 100 million Swedish kroner to sub-suppliers.

READ ALSO: Volkswagen bans employees from owning a Porsche

In order not to lose even more money, the suppliers have therefore demanded that payments from now on must drop immediately.

– There are very good conditions for selling the company's operations on, because the company produces the components that customers have a great need for.

– Our hope is that a buyer will take over the entire business and all staff, says the bankruptcy estate's trustee Mikael Kubu to the Swedish Dagens Nyheter .

The bill, i.e. the tax debt, seems to be passed on to the taxpayers. And then of course the car buyers. In any case, the industry organization Fordonskomponentgruppen believes that IAC must eventually raise its prices in order to survive the bankruptcy.

Read more exciting news from and about the world of cars right here!

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