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Saab delays payments to employees, is the near end?

 Saab delays payments to employees, is the near end?
Saab 9-3 facelift - 23.2.2011

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."

Source: Saab

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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Comments (7)

 freeway freeway
just one thing: long disease equals certain death... and that's exactly the case here... customers are flying away to other more stable companies, the cash flow is interrupted, the production line is halted and that's the end of it... and so we have a classic text book story about an industrial failure...
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July 28, 2011 7:32 am
 LWE7 LWE7
Why buy SAAB when you can buy GERMEAN for the SAME PRICE ??!
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July 28, 2011 6:15 am
 opelbauer opelbauer
I'd seriously buy a new generation 9-3 if they'd make it.
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July 28, 2011 5:43 am
 A A
Oh for Pete's sake...wind up this company...IT IS FINISHED 7 months ago...yes all very admirable by the Aussie Fan Club guy to force public pressure to find a saviour, BUT, in the end, IF you cant sell cars you can't make cars, and Saabs just don't sell enough, even to their so called loyal fan base..it is just not enough...also a lesson learnt, getting into bed with these "eastern" car companies can be very tricky....Talk is cheap..SHOW ME THE MONEY!!
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July 28, 2011 1:59 am
 PAA PAA
Unless one of the big players jumps in to take advantage of the Saab name for a bargain price, sad to say Saab will soon be gone.
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July 28, 2011 12:23 am
 1nsider 1nsider
From the Monty Python skit..."I'm not quite dead yet..." "He's says he's not dead yet..." "yes he is..."
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July 27, 2011 3:52 pm