Saab’s administrator is exploring the possibility of a new ownership structure that could be acceptable to former owner General Motors, according to the automaker’s main blue collar union.
As well as any potential new deal, the IF Metall union also said Chinese investor Youngman could pay all outstanding wages. Saab has currently missed its payment deadlines again for staff as it looks to survive any claim for bankruptcy from its labour bodies.
Both pieces of news originate from a meeting yesterday (29 November) in Trollhattan at which Saab administrator Guy Lofalk – currently in the US and thought to be talking to GM – addressed the special debt committee formed at the request of IF Metall and comprised of unions, suppliers and Swedish government tax authorities.
“They are talking about…trying to make another ownership structure to make GM say yes, because one of the biggest issues was this 60:40 ownership,” IF Metall legal adviser Darko Davidovic told just-auto from Sweden. “Now they will try to make some third part, I don’t know in which way. Lofalk is this day talking to GM in the US.”
The legal adviser also said that as a result of the debt committee meeting, it was indicated Youngman could pay all outstanding wages this week.
Should finance be forthcoming, it would allow Saab to remain in bankruptcy protection and secure further time for any new deal with GM to progress and alleviate any potential union claim for wages.
“All our indications are…that Youngman has decided they are going to pay all that is needed for the company to continue the reconstruction and that that will be done during the week,” said Davidovic. “For us, it does not make any legal differences if we wait a couple of days.”
“If they will make this agreement today, then they decide after that [to] transfer the money so that means one to two bank days.”
However, Davidovic cautioned: “We have been here before.”
