Despite the appearance of two Chinese white knights, the situation continues to deteriorate for Saab, the struggling Swedish automaker missing a payday for 3,800 of its employees.
On Monday, Saab officials met with workers at the company’s Trollhattan assembly plant and advised them not to return to work until July 4. The plant has been out of operation since June 8 due to problems paying suppliers. A prior boycott by partsmakers had led to a two-month shutdown that only ended in late May.
The latest short-term crisis raises further concerns about Saab’s long-term viability, one analysts warning, “Time is a luxury it no longer has.”
“Swedish Automobile N.V. (Swedish Automobile, formerly Spyker Cars N.V.) announces that Saab Automobile AB (Saab Automobile) will be unable to pay the wages to employees as it has not yet obtained the necessary short-term funding,” Saab’s parent company said in a release this morning.