Saab says its employees are not being paid from today (23 June) as the automaker’s financial crisis lurches into a new critical phase due to short-term funding difficulties.
The hammer blow to Saab’s 4,000 or so employees comes as the automaker is struggling to secure several financial lifelines from Chinese investors and potential buyers of its property.
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“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,” noted a Saab statement.
“These discussions are ongoing. There can however be no assurance that these discussions will be successful or that the necessary funding will be obtained.”
The crisis – triggered by myriad difficulties with supplier payments – has previously seen staff receive wages but today’s news is ominous for both parties.
“Saab has ongoing negotiations with suppliers in reaching agreement on the terms of payments in order to resume an orderly inflow of parts and components,” added the Saab statement.
“Swedish Automobile will update the market of any new developments.”
