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.
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.
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.
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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