Saab delays payments to employees, is the near end?
Another blow to morale
The Saab saga continues as the company has confirmed plans to delay payments to white-collar employees because "funds that were committed by investors were not paid in time."
This obviously has to be a blow to morale - assuming any is left - and could indicate that investors are becoming alarmed about the company's financial crisis. However, Saab said they are "taking all necessary actions to collect these funds and continues discussions with various parties to obtain additional short-term funding so that the payments can be made."
Update on Saab Automotive
Zeewolde, The Netherlands, 26 July 2011 - Swedish Automobile N.V. (Swan) announces that Saab Automobile AB (Saab Automobile) has delayed payment of the wages to its white-collar employees as some of the funds that were committed by investors were not paid in time to effect such salary payments. Saab Automobile is taking all necessary actions to collect these funds and continues discussions with various parties to obtain additional short-term funding so that the payments can be made.
Swan will update the market of any new developments.
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