Saab struggle to pay staff wages
Saab’s financial struggles show little improvement after claims emerged that the carmaker is unable to pay their staff.
The company has issued a statement saying it is working on a number of initiatives to secure further short and medium-term funding.
It read: “Swedish Automobile and Saab Automobile are in discussions with various parties to obtain short-term funding, including via the sale and lease-back of the real estate of Saab that was announced previously, and with their financiers in connection with current financing arrangements.”
There was no hint that Saab would be able to obtain funding to cover their employees’ wages.
The Swedish manufacturer closed its main plant in Trollhattan less than two weeks after it reopened following a seven week production halt due to being unable to pay suppliers.
Poor sales
Victor Muller (pictured left), Chairman and CEO of Saab Automobile, disclosed earlier this month that there is a backlog of nearly 10,000 orders waiting to be fulfilled.
Owners Swedish Automobile, formerly Spyker Cars, bought Saab last year but sales were still poor at around 30,000.
A potential deal worth 245m euros between Zhejian Youngman Lotus Automobile and Pang Da Automobile would place Saab under Chinese ownership, granting a 54% shared stake.
However, any deal would first need to secure approval from Chinese and European regulators and the European Investment Bank.
Despite so much uncertainly, Saab has continued to roll out concept cars including the ‘liquid metal’ PhoeniX (below) which was unveiled in March.
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