Saab Gets Financial Boost
Saab Gets Financial Boost
Saab will reportedly be able to stave off bankruptcy for at least a few more months after winning an order from an undisclosed Chinese company for 582 vehicles worth 13 million euros ($18.4 million), pre-payment for which is expected sometime this week. The funds will help the troubled Swedish automaker pay its workers and suppliers, enabling it to resume production.
Saab said last week it was in real danger of not being able to make payroll or pay suppliers, and temporarily halted production of new cars about two months ago when suppliers stopped delivering parts. “I am pleased to announce this agreement as it secures part of the necessary short-term funding for Saab Automobile and allows us to pay our employees' wages before the end of this month,” Saab CEO Victor Muller said in a statement.
Saab's struggles intensified late last week as several Swedish trade unions threatened to force it into bankruptcy proceedings over unpaid wages. Union representatives applauded the Chinese order, calling it good news for unpaid workers, and the company as well.
Saab will reportedly be able to stave off bankruptcy for at least a few more months after winning an order from an undisclosed Chinese company for 582 vehicles worth 13 million euros ($18.4 million), pre-payment for which is expected sometime this week. The funds will help the troubled Swedish automaker pay its workers and suppliers, enabling it to resume production.
Saab said last week it was in real danger of not being able to make payroll or pay suppliers, and temporarily halted production of new cars about two months ago when suppliers stopped delivering parts. “I am pleased to announce this agreement as it secures part of the necessary short-term funding for Saab Automobile and allows us to pay our employees' wages before the end of this month,” Saab CEO Victor Muller said in a statement.
Saab's struggles intensified late last week as several Swedish trade unions threatened to force it into bankruptcy proceedings over unpaid wages. Union representatives applauded the Chinese order, calling it good news for unpaid workers, and the company as well.
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