• Sweden edition
 
SAAB CASH CRISIS
Saab unions demand answers from CEO

Saab unions demand answers from CEO

Published: 10 Aug 2011 09:59 GMT+02:00
Updated: 10 Aug 2011 09:59 GMT+02:00

In both June and July were wage payments were delayed and in only two weeks August salaries are due, preceded by the payment of taxes and payroll charges.

A further issue on the agenda is when factory lines will begin rolling again, and when suppliers will receive their outstanding cash.

"The main issue is the short-term funding," said Per Bränneby, shop steward for the Association of University Graduates/Graduate Engineers, one of the groups set to be included in the meeting with trade union colleagues from the metalworker's union IF Metall, Unionen and Ledarna.

Aside from Muller, personnel director Johan Formgren is expected to attend.

Almost three months have passed since Muller held a big meeting of all employees in which he apologized and promised that they would not have to be involved in further turmoil.

But since then if anything, matters have got worse.

Money received as advance payments from China, new share issues and loans have not convinced their suppliers to restart deliveries. The Trollhättan plant has now been idle for over four months and according to Saab, it will restart on August 29th at the earliest.

The Swedish Enforcement Authority has threatened to instigate recovery proceedings next week to seek payment for unpaid debts to suppliers.

Per Bränneby however remains optimistic about the future.

"We know they're working really hard on a solution and I have confidence that it will resolve itself," he said.

He was reluctant to give his assessment of how Muller has managed Saab, but he noted that Muller's dual roles as both CEO and chairman are not good in the long run.

"He is an entrepreneur and an ideas man, but I hope we can find a new CEO," says Per Bränneby.

TT/The Local/pvs (news@thelocal.se)

Your comments about this article

09:52 August 10, 2011 by jostein
Just let SAAB die with some dignity? This constant stream of articles, well, just seems like journalists think their readers stupid? Its really testing my patience.

And i bet you a million dollars the same sniveling bs gonna be repeated when the euro dies a slow and painfull death. Dead is dead. Accept it.
10:09 August 10, 2011 by johan rebel
There should have been a big DNR sign on SAAB's more than a decade ago.
12:34 August 10, 2011 by Eagle63
I was hoping to buy the new 9-4X, truly a superb vehicle. But if things indeed turn out bad I will switch to the Volvo XC60 T6. In the mean time my old 9-5 Griffin is still doing great; I wouldn't trade it in for a snobistic Audi, an overbearing Meredes or aggresive looking BMW.
19:01 August 10, 2011 by CurtInFalcon
Saab has hinted at a potential big investor. If this happens, then Saab will be secure for the short term until the deals with the Chinese pass government approval. Saab just needs to survive until this new investor comes aboard. Don't write off Saab too soon. It's a company with many lives.
05:41 August 12, 2011 by funktron
I sure hope they get the funding they need and survive long enough to introduce the 2013 9-3 replacement and the new 9-2. Early reports are that they are going to borrow on classic Saab design cues. The U.S. market would embrace an entry level Saab. Hopefully the unions there won't destroy the auto industry as the United Auto Workers union has done in the United States.
21:36 August 12, 2011 by SEBLOGGER
Hello I think you can write of SAAB sometime in next 14 days.

USA investor meetings are just meetings, any good US investor would have brains not to invest in SAAB. There are better options for there so called Dollars

Next week paperwork is underway for at least 6 suppliers to Bankrupt SAAB for non paymment of manpower.

Its all very jovial that tonight Bulters is booming in Trollhattan has been paid. But look at this as very temp situation All were again , for this week in high spirits for SAAB great future, any with any skills or brains would look for another job ASAP

Muller is just a Showman Front man and should never be trusted, ask the DUTCH.

SAAB will be finished easily in the next few months say dead 2012.
Today's headlines
National
Chainsaw man destroys house in family feud
The man used a chainsaw to destroy most of the Lidköping home. Photo: Shutterstock

Chainsaw man destroys house in family feud

A man in central Sweden has gone on a rampage with a chainsaw after a family housing dispute took an unexpected turn. READ  

National
Man frames beggar with stolen tablet computer
The beggar was detained for almost 24 hours after the accusation. Photo: TT

Man frames beggar with stolen tablet computer

A man in southern Sweden has landed in hot water after he stole a tablet computer, gave it to a beggar, then reported her to the police. READ  

Stockholm 'sub hunt'
Sweden ready to use force to surface sub
The Swedish Armed Forces have sent out 200 troops. Photo: TT

Sweden ready to use force to surface sub

UPDATED: Sweden's military has announced that if it finds a suspect foreign vessel in the Stockholm archipelago, it is prepared to force it to the surface "with weapons if necessary". READ  

Stockholm 'sub hunt'
Sub hunt: 'There is something out there'
Former navy officer Bosse Linden in Vaxholm. Photo: Maddy Savage

Sub hunt: 'There is something out there'

Stockholm's archipelago is the focus of the biggest military operation in Sweden since the Cold War. The Local is in the region's capital, Vaxholm, to see what residents make of the drama. READ  

Presented by CurrencyFair
CurrencyFair: Why it pays when making overseas transfers
CurrencyFair co-founder Brett Meyers

CurrencyFair: Why it pays when making overseas transfers

Tired of losing money when you send cash back home? Join other expats in Sweden who avoid bank fees and hidden charges by sending money internationally with CurrencyFair, an online marketplace where secure transactions are faster and cheaper. READ  

European Union
Extremist saves Sweden Democrats' EU group
Sweden Democrat leader Jimmie Åkesson. Photo: TT

Extremist saves Sweden Democrats' EU group

The EU group that bound several Eurosceptic parties including the Sweden Democrats has been saved by an MEP from a far-right Polish group, just a week after it appeared to have crumbled, according to a UK press report. READ  

Stockholm 'submarine' hunt
Timeline: Mystery 'submarine' in Stockholm
Sweden's Armed Forces are out in force after reports of a foreign vessel in the Stockholm archipelago. Photo: TT

Timeline: Mystery 'submarine' in Stockholm

The world has had its periscope on Sweden since the Swedish military launched an extensive hunt for what is rumoured to be a damaged Russian submarine in the Stockholm archipelago. Here is the timeline of events so far. READ  

Business & Money
Profit leap for Swedbank
A branch of Swedbank in Malmö. Photo. TT

Profit leap for Swedbank

Swedbank has seen its profits rise higher than expected. READ  

New coalition
Sick pay U-turn from Sweden's new coalition
Stefan Löfven has changed his strategy on sick pay. Photo: TT

Sick pay U-turn from Sweden's new coalition

Small businesses won't face rising sick pay costs, following a policy reversal from Sweden's new coalition government. READ  

Stockholm 'submarine' hunt
Vessel hunt continues at 'full strength'
Minehunter HMS Koster takes part in the search in the Stockholm archipelago on Sunday. Photo: Marko Säävälä/TT

Vessel hunt continues at 'full strength'

The search for a suspected foreign vessel in the Stockholm archipelago continues with "full strength" on Tuesday morning, according to Sweden's armed forces. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Gallery
Property of the week: Malmö
Gallery
PHOTOS: 'Foreign activity' in Swedish waters
National
Sweden deploys troops over underwater threat
Gallery
People-watching: October 19th
TT
Society
QUIZ: How good is your Swedish?
Blog updates

19 October

Getting it (Blogweiser) »

"Follow Joel Sherwood on FB Few watch baseball in Sweden. This is excellent when your team loses..." READ »

 

17 October

Editor’s Blog, Oct 17th (The Local Sweden) »

"Hi readers, Here’s the whole week of news in just 60 seconds. The most-read story was about a..." READ »

 
 
 
Business & Money
Get your own office in Gothenburg or Stockholm - free for a day
National
A Touch of Scandinavia: Reindeer in the kitchen
Lifestyle
What's on in Sweden: October 17th - 24th
Society
The nudity... and nine other things expat men notice in Sweden
Gallery
People-watching: October 15th
Gallery
Your views: Should outdoor smoking be banned in Sweden?
Business & Money
Sweden has 'large hole' in finances
Sponsored Article
Introducing... Finding a job in Stockholm
Society
Monster salmon caught in northern Sweden
Gallery
Property of the week: Lorensberg
National
Scandinavia's child bride
National
Ebola crisis: How is Sweden preparing?
Lifestyle
Sweden's The Bridge to become 'more Danish'
Business & Money
How Sweden is becoming a cashless society
Gallery
Stockholm Burlesque Festival 2014
National
How a little red horse became a symbol for Sweden
Gallery
People-watching: October 12th
Business & Money
The hottest start-ups from southern Sweden
National
What's on in Sweden: October 10th - 17th
National
Stockholm is 'best' region for well-being
Gallery
People-watching: October 8th
National
Five facts to know about Patrick Modiano
Society
My Swedish Career: A French fashionista in Sweden
Society
Swede's anti-bully Facebook tale goes viral
Society
Have you seen Sweden's viral subway cancer campaign?
National
Isis: Swedes linked to Turkish prisoner swap
National
Should Swedes be banned from buying sex abroad?
Gallery
Fredrik Reinfeldt's leaving presents
National
Five Swedish TV shows you shouldn't miss
Gallery
A tool belt, a casserole, and a book. Fredrik Reinfeldt's parliament gifts
TT
Lifestyle
Top five winter festivals in Sweden
TT
National
Sami reindeer herders win mine reprieve
Gallery
Property of the Week: Gamla Enskede
Sponsored Article
How to catch the first lobster of the year
Politics
Ten new minister faces you should know
Tech
First womb transplant baby in world born in Sweden
Gallery
People-watching: October 5th
National
What's on in Sweden
National
Sweden rethinks Afghan translators' protection
Society
Interview with Geena Davis: 'I want to be in a Swedish movie'
Team SCA
Sponsored Article
All-female SCA team takes off on Volvo Ocean Race
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

1,006
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
http://psdmedia.se
If you want to drink, that’s your business.
If you want to stop, we can help.

Learn more about English-language Alcoholics Anonymous in Sweden. No dues. No fees. Confidentiality assured.
AA-EUROPE.ORG/SWEDEN