There’s been radio silence from Saab’s Trollhattan HQ over the last couple of months. The production lines have been silent for weeks and the company’s white collar workers have only just been paid for July - nine days late.
Saab’s white collar union had even started bankruptcy proceedings against the company, mainly to ensure the white collar workers were classed as ‘creditors’ should the company fold in the next couple of weeks. Saab isn’t suffering a cash-flow crisis, it seems that its cash-flow has virtually dried-up. No cars means no cash.
This week Saab’s bosses said that they had sold a 17 percent stake in the company to the GEM Global Yield Fund Ltd, but city estimates reckoned that the deal would raise no more than £5m, a sum which will hardly tide the company over for much longer. Alarmingly, a report on a Chinese website claims that Saab’s Chinese investors cannot make any further investments, while Saab is ‘in financial trouble’.