SWEDEN: Salary cash injection pulls Saab back from brink
Reliable sources in the Far East have confirmed to just-auto Saab received a cash injection yesterday (1 September) sufficient to cover employees' August salaries.
Speaking to just-auto on condition of anonymity, the well-placed Asian contact said the money should allow wages to be paid next week, averting any immediate triggering of union action to recover members' funds.
"Enough money has been received to pay salaries for August - we have invested that money 100%," said the source.
Saab is teetering on the financial brink but the source reiterated sufficient funds had been transferred that would allow the manufacturer to pay staff and continue with its search for long-term investment.
Speculation has centred on today (2 September) being a make-or-break day for Saab as it is caught in a vortex of late supplier and staff payments, but the emergency funding should tide it over at least for the time being.
The news should negate any possible further action by Saab unions, one of whom IF Metall for example, has written to the manufacturer outlining missed August wages, a process that potentially could lead to bankruptcy proceedings.
The cash injection comes on the back of rumours in Sweden of a possible SEK1bn (US$156m) bridging loan that could be made available to Saab in the next few days - speculation that was confirmed to just-auto by IF Metall union lawyer Darko Davidovic.
Today's news will come as an enormous relief to Saab's unpaid staff, although it does not appear to address the significant remaining difficulties with the automaker's large number of suppliers that are still owed money.
Saab this week unveiled a massive increase in half-year losses from EUR22m to EUR201m, with a statement from the manufacturer noting: "If adequate funding for the group cannot be secured [in] timely [fashion], going concern can likely not be maintained."
A Saab spokeswoman in Sweden told just-auto the manufacturer was "not able to comment on the internal workings of the company."