Update on Saab Automobile

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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10 Comments

    1. Correct, Carlo.  Blue-collar staff were paid on time.  The funding shortfall has meant temporary postponement of payments to white-collar staff (i.e. non-factory staff)

  1. I’m hoping that VM can pull another rabbit out of his hat and get the funds to pay the employees.  I can’t imagine how stressful this must be for everyone who has not been paid.  Perhaps it is time to start a fund raising activity for the employees in the next few days.

    1. Hi Curt,

      Thanks for the thought, but employees effected will have access to finance, I believe.  Of course, the primary hope is that the funds that were promised to us come through in the next days and enable full and proper payment.

  2. Despite what I’d hope would be considerable solidarity within Saab, I can’t help but feel that a certain resentment might build up that those who have been working for the whole of the past month on the future of Saab have not been paid, whereas those who have not – for whatever reasons – been doing-so, but who are perhaps are more unionised, have been paid on-time.

    I hope all those at Saab are able to pull together in this; perhaps the factory staff can organise some fundraisers for the non-factory staff?

    1. I don’t know how it is where you live, but where I live blue collar often earn much less than white collar stuff. While white collar might have no problem to get their wages 15 days or even 1 month later, it is for some blue collar staff a bigger problem not to get the fresh money at the end of the month.

      I don’t think that a resentment might build up, but I think it is quite interesting that somebody is trying to push feelings in that direction.

  3. Continued best of luck to all at Saab – I have strict instructions to buy a yellow convertible in 2012/13, so I really need you to keep going. If you don’t, I will be in trouble with a girl who is frankly wayyyyyy out of my league. So please – don’t let me down!!!!!

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