SWEDEN: Union waits to see wired cash as Saab raises wages hopes
Saab's major white-collar union says it will still send the shuttered automaker its formal letter detailing unpaid wages if salaries are not paid imminently, as hopes were raised July salaries might be settled.
The manufacturer's parent Swedish Automobile today (3 August) said it had
issued a subscription notice for five million shares under the current equity facility between itself and GEM Global Yield Fund and expects to be able to pay its 1,000 white-collar workers for last month's outstanding wages.
But Saab labour body Unionen maintained it would still send Saab the letter - expected to be today or tomorrow - which in theory could lead to a claim for bankruptcy - unless it receives funds.
"We will send the letter if we can see the money has not been wired to our members," a Unionen spokesman in Stockholm told just-auto. "We have not seen any money yet.
"Our process of collection all these [wages] materials from our union members will go on until we see the money is wired to the accounts of our members. No-one will be more happy than our members if...the money is paid this week."
A statement from Saab noted the subscription notice for five million shares would be: "Under the current EUR150m (US$215m) equity facility between Swan and GEM Global Yield Fund Limited. The exact number of shares to be issued and the price thereof will depend on a ten-day pricing period, which commences today."
Speculation has centred on a potential sum of SEK60m being raised, although this has not yet been confirmed. Yesterday (2 August) Unionen chief legal advisor Martin Waestfelt told just-auto total wages owed by Saab to its employees for July could be around SEK55m.