Saab says an order for 582 vehicles from an unnamed Chinese company will allow it to pay employees’ wages for June and some supplier debts.
Last week the embattled Swedish automaker announced it was unable to fund staff salaries as the company continued its struggle to pay suppliers, a situation that has resulted in yet another shut-down.
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Today’s announcement (27 Jine, 2011) was also accompanied by the news two union board members were to resign, although no further details are yet available.
Despite the slightly more optimistic financial development, Saab stressed that “no assurance” could be given about on-going financial discussions, while talks were continuing on the sale and lease-back of its property.
“I am pleased to announce this agreement, as it secures part of the necessary short-term funding for Saab Automobile and allows us to pay our employees’ wages before the end of this month,” said Saab CEO Victor Muller.
“The management of Saab Automobile is deeply committed to the company and its employees. I respect the decision of the union members to resign from the board of Saab Automobile. We very much regret the current cash shortage which is causing undeserved hardship to all and we are working relentlessly to resolve the current situation.”
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By GlobalDataMuller also confirmed Russian businessman Vladimir Antonov remained interested in participating as an investor/financier in Saab but that he was still waiting clearance from from what he described as “parties at interest.”
Antonov would appear to retain a pivotal future financial role as, if he is authorised to participate, Muller said he could provide “much needed” funds.
“We are pushing hard to obtain this vital clearance as soon as practically possible,” he added.
