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.
Fiat CEO Sergio Marchionne has had enough trouble with unions lately, and now, as I write, Fiat is struggling with the logistics nightmare of a truckers strike that seems to be bringing Italy to a hal...
This QUBE report from just-auto provides a comprehensive overview of the global electrified vehicles sector, major OEM developments, top 14 markets, technology trends and market projections. Use this ...
Just why aren't Saab's receivers on today's (19 January) trip to China as a high-powered delegation seeks to salvage something from the wreckage of the automaker's recent bankruptcy?...
Mahindra & Mahindra is declining to comment on speculation it may be a third party interested in buying bankrupt Saab....
Turkish private equity company Brightwell Holdings is to make an imminent statement on retaining skilled engineers at Saab, following the inking of a confidentiality agreement with the bankrupt automa...
Swedish regional government is to inject SEK90m (US$13.4m) into the area around bankrupt Saab's home town of Trollhattan, with help given to those made unemployed by the automaker's demise to travel t...
- ANALYSIS: Hyundai axes Veloster, goes after Toyota
- Review of 2014 (1)
- ANALYSIS: Future models for North America - Part 2
- ANALYSIS: Future models for North America - Part 1
- THE WEEK THAT WAS: Bleak Christmas ahead for some
- JLR research removes blind spots
- Genk mayor organises "loudest shift" as Ford exits
- Bye, Chrysler, hello FCA US
- Punch Genk offer "missed opportunity": Mayor
- Volvo rethinks its way to market