More bad news for cash-strapped Saab. After Sweden's regulators started the collection process against Saab Automobile for failing to meet a deadline last week to pay two suppliers, the automaker's parent company Swedish Automobile N.V. (Swan) announced today that the payment of August wages to employees could be delayed because some of the funds that were committed by investors may not be paid in time.
"Saab Automobile is taking all necessary actions to collect these funds in time and continues discussions with various parties to obtain additional short-term funding so that the payments can be made, as well as resume sustainable production," the company said in a statement.
"There can however be no assurance that the necessary funding will be obtained or the funds collected," Saab added.
The Swedish company, which had delayed payments to its white-collar workers in July, stopped production at its Trollhattan plant in April and May, resumed for a few days only to stop once again on June 8 and has yet to restart.
Saab has said it hoped to restart production on or about August 29.