The Saab saga continues. According to Reuters, the Swedish automaker has announced that the company is issuing more shares in an attempt to drum up funds to pay its white-collar workers. GEM Global Yield Fund, an investment company, has committed to purchasing around five million of the new shares, giving it a 17 percent stake in Saab. Even so, most analysts predict the move will only raise around €6.9 million (around $10M U.S.) when the automaker needs at least €50 million ($71.5M) in order to be able to pay its suppliers and fire up its production lines once again.
Reuters reminds us that that just last month, Saab managed to evade having to claim bankruptcy by settling with a supplier. Unfortunately, the company then made it clear that it couldn't pay its employees because investments from its foreign partners hadn't materialized in time. Saab says that it hopes to use the new funds from GEM to finally pay the automaker's white collar workers.