Saab is keeping its cards close to its chest regarding the settlement of August salaries after confirming its white-collar staff were paid today (5 August) for last month’s outstanding wages.
Two unions had warned they would send formal letters to Saab detailing wage arrears – a procedure that could lead to bankruptcy claims being initiated – but Saab appears to have staved off such drastic action – for the time being.
Sveriges Ingengorer and the Unionen labour bodies – representing engineers and management staff – warned they would send letters to Saab but that threat has receded following a deal between the automaker and GEM Global Yield Fund through a subscription notice for five million shares.
“As we have been saying for a while – and delivering on it piece by piece – we are looking at further opportunities to strengthen the financial situation of the company,” a Saab spokeswoman told just-auto from Sweden.
“We are not going out with figures on what the total salary costs are – everyone can make their own estimates. We did make the GEM deal earlier this week so we could pay the salaries and yes, that is going through. So simply, we have arranged there is enough cash on account so that we can pay salaries.”
Unionen chief legal advisor Martin Waestfelt told just-auto he estimated total salary owed by Saab for July could be around SEK55m (US$8.4m).
Speculation has centred on Saab’s deal with GEM raising around SEK60m, although whether this exercise will be repeated for August remains unclear.
Unionen said there were would be a major meeting of Saab employees later today.