Saab working to replace EIB loan to speed Antonov takover, can't pay wages

Keeping your staff happy is key to running a successful company. One of the main ways to do that is to pay them, which is an area in which Saab is once again experiencing a bit of trouble. Specifically, Saab cannot pay white-collar employees because committed funds have not yet been fully recovered by investors. The automaker's suppliers are looking to get paid as well, but there's just no money to do so at the moment.

According to Bloomberg and Sweden's The Local, Saab suppliers are seeking help from a collections agency. In total, 104 debts have been registered with the group teaming up to try and pry some money back from Saab. Meanwhile, the automaker is looking to secure a new loan to replace the current $346.6 million lent out by the European Investment Bank. Once in place, Saab would be ready to have Russian entrepreneur Vladimir Antonov step in and secure a 29.5 percent owner's share of the company.

Will Mr. Antonov serve as a saving grace for the Swedish automaker? We don't know, but we're certain the company needs all the help it can get at this point.
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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.

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