Saab was unable to pay their workers in June and July but they were quick to find the funds to make those payments shortly after they were originally expected, thus avoiding bankruptcy.
Saab and parent company Swedish Automobiles originally requested government protection from creditors when their banks began receiving notices of possible bankruptcy proceedings earlier this month
Saab has made strategic moves over the past few months to acquire chunks of cash to pay angry creditors and suppliers but with the Swedish automaker being late to pay their union workers in June an
Saab claims to owe suppliers somewhere in the area of $210 million but their bigger concern right now is the fact that for the second month in a row, they were unable to pay their workers.
The news of Saab requesting government protection for their creditors comes after the Swedish debt enforcement agency began contacting Saab’s banks with an interest in claiming assets.
Saab has avoided several bankruptcy claims in the past few months but none of those proceedings against the company have gotten this far, as the Swedish Enforcement Agency is now free to seize Saab
Frankfurt is one of the key European motor shows so for the Saab to announce that they will not be making it to the show – it looks like another strike against the company’s success.
When the EIB granted the massive loan to Saab and Swedish Automobiles (formerly Spyker), one of the stipulations was that young Russian billionaire Vladimir Antonov not be granted any ownership of
This newest loan to Saab comes from Gemini Investment Fund, a Bahamas-based hedge fund, and with this latest infusion of 229 million Swedish Krona ($35.4 million USD or 25 million Euros), Saab hope