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.

Monday, November 21, 2011

Another week, another wage payment

Once again we have reached the week of the month that time after time has turned out to be the most nerve wrecking for anyone interested in Saab. The week of the wage payment.

The magic number is approx. SEK 100 million. Money Saab needs to pay its employees the wages for November. The question is how much money does Saab have. Is it enough to cover wages? And if not, will a last minute solution be presented this time also? Best of all would of course be that we get a final and happy solution for Saab.

During the weekend TTELA reported that the Chinese companies Youngman and Pang Da had sent addition information to General Motors. Information from the negotiations from the past week. And just-auto writes that Saab has submitted a new proposal to GM.

From the other side of the world in China, Youngman's vice president Huang Zhiqiang told Reuters that "All of the parties involved in a deal to invest in ailing car maker Saab are still communicating after the expiration of a memorandum of understanding last week".

According to Huang,Youngman's determination to invest in Saab is a long-term strategic move.

"It's not a short sighted move. We got into the deal as a long-term investor."
It's good to get confirmation that the parties are still talking and are determined to find a solution. I guess we are in for one more week of anxious waiting.