Press Release: Saab Automobile Informs Employees On Salary Payments

Trollhättan, Sweden: Swedish Automobile N.V. (Swan) and Saab Automobile AB (Saab Automobile) announce that there is a risk of delayed payment of August wages to Saab Automobile employees as some of the funds that were committed by investors may not be paid in time to effect such salary payments.

Saab Automobile is taking all necessary actions to collect these funds in time and continues discussions with various parties to obtain additional short-term funding so that the payments can be made, as well as resume sustainable production. There can however be no assurance that the necessary funding will be obtained or the funds collected.

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Sooooo, if anyone wants to talk about this. Comments are open.

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18 Comments

    1. Hi Jake.

      I’m told they’re making every effort to pay on time, but we are waiting on incoming funds and that’s what has held things up.  This, as it says, is a notice that they may be delayed.

  1. Could it be possible that the funds that are part of the “seizure” of assets from the Swedish debt collection agency go to vendors with collection claims rather than employees?

    1. Nothing has been seized, as far as I know, Josh.  My understanding is that Kronofogden are still in the investigative phase of their work.  As the press release notes, we were expecting some funds in, they are delayed and we’re doing all we can to minimise any delay.

      1. I really appreciate you clarifying what is apparently mistruths and lack of fact checking by the press! I am still a firm believer that this is a hiccup and that we will push through!

  2. Terrific news .It can’t be like this every month .It’s quite unstandable for everyone and I guess that it has been a very difficult moment for Mr Geer to announce this to the employees . The whole Saab executive must be exhausted . What a nightmare we live daily , and I’m so sad to think that the good cars could exist in a very near future but does Saab have a near future ? Sniff …

  3. Here we go again…. on another roller coaster ride.  The positive thing to remember is that Saab has always paid its employees, although a bit late the past couple of months.  I know that Saab will pull through again.  It’s just a mater of being patient which is easy for me to say because I’m not one of the employees actually living on the roller coaster.  I think we should adopt a “wait and see” attitude and not start needless finger pointing or speculation.  Saab will obtain the necessary funds to meet its obligations.

    1. Agreed. It’s enough of an exercise in controlled anxiety being a SAAB enthusiast right now; can’t imagine what it’s like being an employee.  Speaks volumes about your professionalism that the ball keeps moving forward at all.  Hang in there SAAB people, as best you can!

      1. That’s my hope and belief too Swade. What other company other then Saab has gone through something like this and not let there staff go? Saab continues to one way or another, pay their employees knowing that when this all gets cleaned up, they will need that staff to be in place. I know it’s tough to keep going when there is no production and people keep writing you off, but good job Saab, and thanks to being loyal to your employees just as they have been to you.

    1. Well, that’s a weak position somehow, isn’t it? A one could hardly blame people leaving SAAB for a more stable labor conditions. Point is that there is absolutely no glory in it. The only good thing (if only I’m allowed to say so) in all those bad news is that such turbulence filters out those who work for cash, thus planting an internal spirit of enthusiastic self-esteem. May I remind you that the nowadays iconic Apple was practically down only a few years ago, with its shares almost 100 times cheaper than now. Who rose it up to paramount? People. People doing best products for the brand they’re in love. Now look at SAAB: products are there, brand is there. Obviously, people are there either. Why is the lack of confidence though?

  4. Firstly, Swade, I love how you invite feedback even on serious news . It makes the whole thing feel like a family talking things out. Second, “There can however be no assurance that the necessary funding will be obtained or the funds collected.” This has me worried. (But not too much 😉

    1. Joe, it’s a standard cover-all that you have to do being a listed company.  Basically, in the sentences previous to that we were telling the markets that we’re taking actions to secure funding.  We also need to inform markets that these arrangements are not yet assured, so that people don’t make decisions that can effect our stock price based on the assumption that those deals were written about, and therefore ‘done’.

      1. Thank you Swade for your explanation. I have a lot of faith in you and the company. If only my finances allowed me to be the big investor…

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