Struggling Saab says it wages and payroll again Miss

AMSTERDAM - struggling Swedish automaker Saab said on Tuesday, that it can pay almost half of its employees this month, because there has been no means expected revival had fears about its precarious finances.

Saab has finding means lurched out of a cash crisis to another in the last few months, so that it can restart production.

Assembly plant was halted in April, if suppliers refused to deliver until they were paid, and Saab only just out declared a demand after one of its units, parts be averted bankruptcy last week.

The company suffer deepened Tuesday when Saab said that it had delayed payment of wages to its employees employees because some were paid the funds committed by investors in a timely manner.

Saab spokesman Eric Geers said the decision affects about 1,600 people of 3,640 employees, around 45 per cent of the staff, but refused to say when they will be paid out or how much money still used Saab so that it could pay wages.

"The money has been committed, the only thing is, it has been delayed." This very, very unhappy is for those who are affected, "said Geers."

Shares in Saab were to fall as 20.8 percent before partially restore for trade to 11.6 percent 1.485 euros, the biggest Decliner on the Amsterdam stock exchange.

The company said it will take all necessary steps companies, to collect money and continue to get talks with several parties about additional short-term financing.

Copyright 2011 Thomson Reuters.

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Saab says that the wage and Payroll can help Chinese order

STOCKHOLM - troubled automaker Saab Automobile AB has € received a 13 million (18.4 million$) car order from a Chinese company that could help this month salaries, its owner Swedish Automobile AB said Monday.

The company previously known as Spyker cars, claimed that it would provide the business with an unnamed Chinese company that ailing car with sufficient means to pay back parts its debts to suppliers.

Last week, said Saab, it run money had to pay its 3,700 workers increase doubts about the brand as could survive long.

Saab spokesman of Eric Geers said on Monday that the company hopes that an advance payment of the Chinese company for the cars allows the salaries to pay it, by last Friday were this week.

Swedish automobile, which last year bought Saab from General Motors co., said that it continues talks with various parties to more money for the brand to increase. Among other things is in talks to sell and rent back Saab property.

Shares in the company rose by 22.8% to €1,20 ($1.70) on the Amsterdam stock exchange.

The purpose of the company was Monday to calm not enough concern among the trade unions and suppliers about the future of Saab.

Hakan Skott, Chairman of Metalworkers Union IF metal, said that his organization is still working towards submitting a payment request for Saab this week demanding the company "seven days to respond".

And the Swedish law enforcement authorities said that a payment entitlement Monday almost 45 million Swedish kronor ($6.9 million) against Saab at the suppliers international automotive components received.

The Authority spokesman, Fredric Orloff, said that it is the largest so far compared to Saab out of a total of 68 entries.

Separately, Geers, two trade union members and Saab General Counsel Kristina Geers from the Board of Saab Automobile said resigned Swedish leave car CEO Victor Muller as only member of the Board.

"We regret the current lack of cash, undeserved hardness to all caused and we work tirelessly to solve the current situation", Mueller said.

Mueller said Russian businessman Vladimir Antonov is still interested in investment in Saab, but he has so far to get not the necessary approval from the European Investment Bank.

"Antonov can urgently needed for the Swedish car/Saab funding and/or capital at this difficult time, automobile," Mueller said. "We are hard to get as soon as practically possible to push this vital clearance."

EIB spokesman par Isaksson declined to comment on the Bank review of the Antonov, just say that it thoroughly examines all proposals on the lending agreement change.

Antonov has said previously that he is ready to between 50 million US - dollar - invest$ 150 million in Saab. He was forced by Spyker as part of the deal with GM in the midst of reports on money-laundering. He has denied these accusations and never numbers.

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