For weeks now, Saab Automobile and its parent company, Swedish Automobile N.V. have not had enough funds to pay its white-collar employees. Not only has production at Saab’s home plant in Trollhättan, Sweden stopped, but outstanding wages have not been given to workers. Hopefully, that should soon change as Saab has partnered with GEM Global Yield Fund Limited to earn funds.
A subscription notice for 5 million shares of a 150 million euro equity between Swedish Automobile N.V. and GEM has been placed. The actually dollar amount will be decided within a 10 day pricing period. With this, Saab expects to pay its outstanding wages to its white-collar employees.
