• Jun 23, 2011
Saab hasn't been able to secure the short-term funding it needs. As a result, the Swedish automaker has been unable to pay its employees their wages, according to a statement released by the company.

Saab says that it is currently investigating ways to secure the funds necessary to continue operations, including selling all of its assets and leasing them back. That option had been discussed in the past but fell to the wayside as discussions with various Chinese partners ramped up. Even with that option back on the table, Saab says that there's no guarantee that the company will be able to secure the necessary funding.

If that happens, Saab could go permanently dark.

The automaker has secured mid-term financing thanks to a deal with Chinese Distributor Pang Da, but if the company can't keep its workers paid right now, that may not mean too much. Hit the jump to check out the brief press release.
Show full PR text
Swedish Automobile Press release

Zeewolde, The Netherlands, 23 June 2011 - Swedish Automobile N.V. (Swedish Automobile, formerly Spyker Cars N.V.) announces that Saab Automobile AB (Saab Automobile) will be unable to pay the wages to employees as it has not yet obtained the necessary short-term funding. Swedish Automobile and Saab Automobile are in discussions with various parties to obtain short-term funding, including via the sale and lease-back of the real estate of Saab that was announced previously, and with their financiers in connection with current financing arrangements. These discussions are ongoing. There can however be no assurance that these discussions will be successful or that the necessary funding will be obtained.

Saab Automobile has ongoing negotiations with suppliers in reaching agreement on the terms of payments in order to resume an orderly inflow of parts and components.

Swedish Automobile will update the market of any new developments.


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    • 1 Second Ago
  • 41 Comments
      K Gav
      • 3 Years Ago
      This is quite sad. I'm planning to drive my current 9-3 to the ground, but I'd be extremely hesitant to buy another Saab at this point. If Saab goes under, I'm not sure what my next car purchase would be. A Cadillac ATS maybe? I'm not into sterile German or boring Japanese cars.
      kevsflanagan
      • 3 Years Ago
      I feel like I'm watching a really bad medical drama. He's gonna pull through..... oh he's now in a coma..... he's woken from his coma but has a life threatening disease....he's now on life support. :/
      Aznauto
      • 3 Years Ago
      Shame if the CAIC had bought Saab it would have been in a lot better state, instead people supported Spyker which has no experience in managing a car manufacturer. What a surprise Spyker has lead saab into bankruptcy and know are selling stakes of the company to bargain basement price to guess who Chinese autos...
      Kent
      • 3 Years Ago
      So, if you have a Saab, where would you go for service, if Saab goes under? If it was manufactured during GM's ownership (a lot of the parts come from the GM parts bin), would a GM dealer be able to service it?
      SooooRight
      • 3 Years Ago
      Let it go. Not enough quirky people out there to buy the quirky cars SAAB makes. It's really not a big loss. The demise of AMC had more significance than this.
        hobbesfanmaster
        • 3 Years Ago
        @SooooRight
        Only on your side of the world.
          SooooRight
          • 3 Years Ago
          @hobbesfanmaster
          Well I guess on your side of the world there must be a bunch of quirky people buying some other type of quirky car because if they were buying SAAB's, there wouldn't be a problem. Guess not, eh.
      Design1stCode2nd
      • 3 Years Ago
      Just die already.
      hobbesfanmaster
      • 3 Years Ago
      http://www.saabsunited.com/2011/06/where-to-turn-next.html You missed that Saab is withdrawing money to get them out of this situation... C'mon, Autoblog!
      GuiJoh
      • 3 Years Ago
      I will miss you greatly No more night panel :(
        K Gav
        • 3 Years Ago
        @GuiJoh
        ... and the key fob between the seats... :( ... and the cooled glove compartment... :( :( I'm sad, I'll go eat a candy bar.... :(
      • 3 Years Ago
      [blocked]
      1guyin10
      • 3 Years Ago
      Que Taps. It won't be long now.
      EnzoHonda
      • 3 Years Ago
      It's like watching someone trying to revive a cat that got stuck in a wood-chipper. It's over. Let the poor creature rest.
      chest rockwell
      • 3 Years Ago
      These SAAB articles are becoming like Groundhog's Day...
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