Saab gets big order from Chinese firm
Source: Agencies |
June 28, 2011, Tuesday
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Print Edition
Print Edition
TROUBLED car maker Saab Automobile AB has received a 13 million euro (US$18.4 million) car order from a Chinese company that could help pay this month's salaries, its owner Swedish Automobile AB said yesterday.
The company, previously known as Spyker Cars, claimed the deal with an unnamed Chinese company would provide the ailing car brand with enough funds to also pay back parts of its debt to suppliers.
Last week, Saab said it had run out of cash to pay its 3,700 workers, raising doubts over how long the brand could survive.
Saab spokesman Eric Geers yesterday said the company hopes a prepayment from the Chinese company for the cars will allow it this week to pay the salaries, which were due last Friday.
Swedish Automobile, which bought Saab from General Motors Co last year, said it continues to hold talks with several parties to raise more cash for the brand. Among other things, it is in talks to sell and lease back Saab's real estate.
The company's message wasn't enough to calm concerns among unions and suppliers about the future of Saab.
Hakan Skott, chairman of metalworkers union IF Metall, said his organization is still working toward filing a payment request to Saab this week, demanding the company to "react" within seven days.
And the Swedish Enforcement Authority said it received a payment claim yesterday of nearly 45 million Swedish kronor (US$6.9 million) against Saab from the supplier International Automotive Components.
The authority's spokesman Fredric Orloff said it is the biggest claim so far against Saab, out of 68 filings.
Separately, Geers said two union members and Saab's General Counsel Kristina Geers have resigned from the board of Saab Automobile, leaving Swedish Automobile CEO Victor Muller as the only board member.
Muller said Russian businessman Vladimir Antonov is still interested in investing in Saab, but he has so far failed to receive the necessary approval from the European Investment Bank.
The company, previously known as Spyker Cars, claimed the deal with an unnamed Chinese company would provide the ailing car brand with enough funds to also pay back parts of its debt to suppliers.
Last week, Saab said it had run out of cash to pay its 3,700 workers, raising doubts over how long the brand could survive.
Saab spokesman Eric Geers yesterday said the company hopes a prepayment from the Chinese company for the cars will allow it this week to pay the salaries, which were due last Friday.
Swedish Automobile, which bought Saab from General Motors Co last year, said it continues to hold talks with several parties to raise more cash for the brand. Among other things, it is in talks to sell and lease back Saab's real estate.
The company's message wasn't enough to calm concerns among unions and suppliers about the future of Saab.
Hakan Skott, chairman of metalworkers union IF Metall, said his organization is still working toward filing a payment request to Saab this week, demanding the company to "react" within seven days.
And the Swedish Enforcement Authority said it received a payment claim yesterday of nearly 45 million Swedish kronor (US$6.9 million) against Saab from the supplier International Automotive Components.
The authority's spokesman Fredric Orloff said it is the biggest claim so far against Saab, out of 68 filings.
Separately, Geers said two union members and Saab's General Counsel Kristina Geers have resigned from the board of Saab Automobile, leaving Swedish Automobile CEO Victor Muller as the only board member.
Muller said Russian businessman Vladimir Antonov is still interested in investing in Saab, but he has so far failed to receive the necessary approval from the European Investment Bank.
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