Saab has found money to pay workers’ wages

Swedish automaker Saab has found the necessary funds for the salaries of its employees, according to Reuters. The company had previously announced that due to lack of funding can no longer pay wages and can not give an exact date for the resumption of the pipeline.

Funds for salaries were obtained by order of a Chinese company whose name has not yet reported, 582 Saab cars worth 12 million euros (each machine on average cost $ 22 000 337 euros). Hundred per cent prepayment Swedish manufacturer expects to receive during the current week.

“I am pleased to announce an agreement that allows us to obtain the necessary funds to pay staff salaries and Saab to the end of the month. We also look forward to the additional funding, through which we can enter into contracts with suppliers of components and to resume production, “stated Victor Muller, chief executive Spyker, the current owner of the Swedish brand.

As previously reported, Saab has agreed a partnership with two Chinese companies – Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile. The first of them will get 29.9 percent of shares, “Saab” in exchange for 136 million euros, while the other 24 percent stake for 109 million euros. In addition, Pang Da ordered nearly 2,000 “Saab” totaling 45 million euros, and also with Zhejiang will produce and sell the Swedish car in China.

Assembling the machine was stopped, “Saab” in April of this year because of debts owed to suppliers of components, refused to supply details to receive full payment. In May, the production by means of Pang Da was briefly reopened, but in June and again dismissed as manufacturers of spare parts are still refusing to deliver parts. Manual Saab expects that agreements with suppliers can be reached in early July.

Currently, trade between the Saab with Pang Da and Zhejiang Youngman had not received the approval of the Chinese and Swedish authorities and the European Investment Bank.

According to unofficial estimates, in late May, the Chinese National Commission for the Development and Reform Commission has banned Pang Da conclude an agreement with the “Saab”. This organization is one of three government departments in China, whose approval is necessary to get local companies to make a deal with foreign firms.

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