Last week, Saab announced that it was unable to pay its workers and some suppliers, however with the money given to the company up front, Saab will be able to pay staff and make partial payments to some of its debtors.
Short-term funding is still being discussed, while the sale and lease-back of the real estate on which Saab Automobile sits is one option to try and relieve some of the debt.
Victor Muller, CEO of Saab Automobile and Swedish Automobile said the following in a statement released today.
"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. The management of Saab Automobile is deeply committed to the company and its employees. I respect the decision of the union members to resign from the board of Saab Automobile.We very much regret the current cash shortage which is causing undeserved hardship to all and we are working relentlessly to resolve the current situation. We hope to secure additional short-term funding, necessary to reach agreement with all of our suppliers to restart production, soon. Mr. Vladimir Antonov's interest in participating as an investor/financier in Swedish Automobile remains unwavering, but he is still awaiting a decision on his clearance from parties at interest following the Swedish National Debt Office (NDO) recommendation to clear him over 8 weeks ago.Once clearance has been obtained, Mr. Antonov can provide much needed financing and/or capital to Swedish Automobile/Saab Automobile at this critical time. We are pushing hard to obtain this vital clearance as soon as practically possible."
CarAdvice will continue to update you on Saab's position.