Saab says it has advised staff there is a risk of late payment for October salaries as the last of the State wage guarantee money has not yet formally transferred.
The automaker has moved to communicate with its employees just days before an application to have its bankruptcy protection status withdrawn is heard and as it confirms talks are still taking place in Stockholm with potential Chinese investors Youngman and Pang Da.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
“We sent a message to employees saying essentially there is a risk of delayed payment as we have not received the funds into our bank account yet,” a Saab spokeswoman told just-auto from Sweden.
“The monies are on the way – we are hoping to come up with more information tomorrow.”
It appears the problem may be linked to the State guarantee only paying out until 21 October with Saab having to cover the outstanding wages to the end of the month.
A spokesman for the Lansstyrelsen or County Administrative Board responsible for ensuring the government money transfers to the administrator confirmed to just-auto cash had been sent – and no further amounts would be forthcoming.
“That will be end of the salary payments from the government,” Lansstyrelsen chief financial officer Magnus Berg told just-auto from Sweden. We have some paperwork to do but that should be about it for this time.
The CFO confirmed each employee could receive a maximum of SEK171,000 (US$26,000), with the State guarantee covering outstanding salaries for August, September and October.
However, should Saab secure further funding and exit voluntary reorganisation, it would have to pay back the State money that Berg said now amounted to SEK360m.
“Saab has [to give] that money back to the government,” he said. “The law is kind of for the individual person – it is not particular for Saab.”
The Saab spokeswoman added talks were still occurring in Stockholm with the Chinese parties.
