Workers at Saab not paid for 4th time
Source: Bloomberg News |
October 27, 2011, Thursday
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Print Edition
Print Edition
SAAB Automobile, the cash-strapped Swedish carmaker, has delayed paying monthly wages for a fourth time this year while management negotiates a possible deal with two Chinese companies.
Saab was supposed to pay its 1,500 factory workers on Tuesday, spokesman Eric Geers said yesterday by telephone. Saab has received funds from the Swedish government to cover salaries through last Thursday, while the company must cover the rest of the month itself.
"Paying salaries is our absolute highest priority, so it's not good they're being delayed," Geers said. "We're looking at the full picture and aim to pay as soon as possible."
Saab, which has produced few cars since it first halted output in March because of a lack of money, avoided bankruptcy last month after a Swedish court granted a reorganization. Saab paid salaries a week late in June and July, and the government has covered the wages since then under a scheme that expired last week.
"The only thing we know right now is that the salaries should have been paid (Tuesday)," said Darko Davidovic, counsel at the IF Metall workers union, adding the monthly salaries, including taxes, to his members totaled 40 million kronor (US$6.1 million).
Saab management yesterday met with Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile Co in Stockholm for investment talks, Geers said. Swedish Automobile NV, Saab's Dutch owner, killed a deal from July to sell a majority stake to them and rejected their offers to buy the Swedish carmaker.
Saab was supposed to pay its 1,500 factory workers on Tuesday, spokesman Eric Geers said yesterday by telephone. Saab has received funds from the Swedish government to cover salaries through last Thursday, while the company must cover the rest of the month itself.
"Paying salaries is our absolute highest priority, so it's not good they're being delayed," Geers said. "We're looking at the full picture and aim to pay as soon as possible."
Saab, which has produced few cars since it first halted output in March because of a lack of money, avoided bankruptcy last month after a Swedish court granted a reorganization. Saab paid salaries a week late in June and July, and the government has covered the wages since then under a scheme that expired last week.
"The only thing we know right now is that the salaries should have been paid (Tuesday)," said Darko Davidovic, counsel at the IF Metall workers union, adding the monthly salaries, including taxes, to his members totaled 40 million kronor (US$6.1 million).
Saab management yesterday met with Pang Da Automobile Trade Co and Zhejiang Youngman Lotus Automobile Co in Stockholm for investment talks, Geers said. Swedish Automobile NV, Saab's Dutch owner, killed a deal from July to sell a majority stake to them and rejected their offers to buy the Swedish carmaker.
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