The ongoing fight to keep Saab alive hit a snag recently as Swedish Automobile N.V., formerly named Spyker Cars N.V. announced that it will be unable to pay its employees for the time being. Unfortunately for Saab, its parent company has yet to get the necessary short-term funding to pay wages but is in a frantic search to gain them from outside investors.
Read Saab’s full press release below.
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Trollhättan, Sweden: 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.
