IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Wednesday, September 21, 2011

Saab may pay wages through foreign company

On Monday it was reported that Chinese Youngman has promised Saab SEK 640 million by the end of this week. Where half of the money is supposed to go to paying wages and half to paying suppliers. But a problem has been that the Swedish Debt Enforcement Agency has the right to take any money on Saab's Swedish accounts amounting to the collection demands the Enforcement Agency has received from creditors.

If Saab is allowed a reconstruction by the Court of Appeal or Western Sweden, then this problem will be solved as the wages will be paid by the state guarantee and the work of the Enforcement Agency well be freezed as long as Saab is in reconstruction. But if the court denies Saab a reconstruction, then what to do to secure that half of the money will go to wages and not to the creditors through the Enforcement agency?

Today Dagens Industri writes that in that case Saab will pay the wages through a foreign company, probably a Dutch company, and thus avoid the Debt Enforcement Agency. A method which is not prohibited by Swedish law.