• 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
Sport
Sweden's star striker Zlatan 'recovering well'
Zlatan Ibrahimovic is Sweden's top scorer in history. PHOTO: TT/Maja Suslin

Sweden's star striker Zlatan 'recovering well'

Zlatan Ibrahimovic is recovering well from the nagging heel problem that has stopped him playing for Sweden during its Euro 2016 qualifying campaign. READ  

International
Swedish sisters create viral Syria stir
A shot from the video on YouTube.

Swedish sisters create viral Syria stir

Two sisters from Södertälje near Stockholm are celebrating getting more than 1.3 million hits on YouTube, with a video calling for peace in war-torn Syria. READ  

Pirate Bay
Pirate Bay founder gets three years in prison
A 2013 image of Svartholm Warg. Photo: TT

Pirate Bay founder gets three years in prison

Swedish "hactivist" Gottfrid Svartholm Warg has been sentenced to three-and-a-half years in prison for hacking crimes. READ  

Royal family
Princess Madeleine to make Nobel comeback
Princess Madeleine at a previous Nobel banquet. Photo: TT

Princess Madeleine to make Nobel comeback

Sweden's Princess Madeleine is scheduled to appear at the Nobel Festival in Stockholm in December, after taking time out from her royal duties to focus on looking after her daughter. READ  

Politics
'We knew that Israel would be critical'
Foreign Minister Margot Wallström (left), with Sweden's Prime Minister Stefan Löfven. Photo: TT

'We knew that Israel would be critical'

Sweden's Foreign Minister has told The Local she respects Israel's decision to recall its ambassador after Sweden officially recognized the State of Palestine, and laughed off comments about IKEA furniture made by her Israeli counterpart. READ  

Analysis
'Store up your sunlight hours before winter'
Doctors say we should make the most of the autumn sunshine. Photo: Shutterstock

'Store up your sunlight hours before winter'

Spending time outdoors this autumn will help you survive a cold, dark Swedish winter. Baba Pendse, Head of Psychiatry at Lund University shares his top tips for battling the seasonal blues with The Local. READ  

Sports
Plot for shared Scandi Winter Olympic bid
Skiers hit the slopes in Åre, western Sweden. Photo: TT

Plot for shared Scandi Winter Olympic bid

Norwegian sports officials have said they want to co-host the winter Olympics with Sweden in 2026. But there has so far been no official response from Sweden. READ  

National
Anti-Israel graffiti 'not a race crime': Court
Photo: TT

Anti-Israel graffiti 'not a race crime': Court

A teenage boy who painted anti-Israel slogans and symbols on the Concert Hall in Gothenburg has been convicted for the damages he caused, but he walked free from racial agitation charges. READ  

Entertainment
A closer look at Sweden's rising stars
Swedish actresses Sandra Huldt and Julia Ragnarsson. Julia (right) has been nominated for a Rising Star award. Photo: TT

A closer look at Sweden's rising stars

Like to be ahead of the game when it comes to the next big thing on the silver screen? We find out more about the Swedish nominees for the Rising Star award to be presented at Stockholm's International Film Festival next week. READ  

Science
Swedish women in two-year sex pill study
Contraceptive pills have been linked to mood swings. Photo: Shutterstock

Swedish women in two-year sex pill study

Three hundred women from across Sweden are taking part in a study designed to demonstrate that modern contraceptive pills don't lead to decreased libido or mood swings. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Lifestyle
Stockholm's shocking take on Halloween
Sport
Top ten quotes from Zlatan Ibrahimovic
Business & Money
Get your own office in Gothenburg or Stockholm - free for a day
Gallery
People-watching: October 30th
National
Sweden remains fourth best for gender equality
Blog updates

31 October

Editor’s Blog, October 31st (The Local Sweden) »

"Hello readers, Welcome to our latest 60-second round-up of the week’s news. First, Sweden made headlines around the..." READ »

 

29 October

Scariest day (Blogweiser) »

"This is what’s frightening me on Halloween. http://www.youtube.com/watch?v=D4OFZVCu8J0&list=UUJu5J7jG4uoYSjWbpFsJBuQ Follow my posts on FB. ..." READ »

 
 
 
National
Timeline: Julian Assange sex allegations
Sport
World Cup ski race on 'fake' Stockholm slope
Society
An Arctic tradition: hunting and handicraft
Society
Stockholm taxis offer free therapy sessions
National
The Local meets Health Minister Gabriel Wikström
Gallery
Property of the week: Österåker
Society
Homeless turtles get Stockholm police ride
National
Construction worker has 'Sweden's best beard'
National
Italian musician jazzes up Sweden's Lapland
Gallery
Zlatan's career in pictures
Finest.se
Gallery
People-watching: October 25th and 26th
Lifestyle
'Swedes are funnier than they think'
National
Swedish town 'like Venice' after heavy rains
Lifestyle
What's On in Sweden: October 24th - 31st
Gallery
People-watching: October 22nd
Gallery
In Pictures: Prince Carl Philip and Sofia Hellqvist
Lifestyle
Eight things to love about renting a Swedish apartment
National
Vasa ship cannon blasted in Sweden
National
Sub hunt: Day-by-day
National
Sub hunt: Stockholm islanders share their fears with The Local
Sponsored Article
The best options for oversea transfers
National
Dentist gives free care to Roma beggars
Gallery
Property of the week: Malmö
Gallery
PHOTOS: 'Foreign activity' in Swedish waters
TT
Society
QUIZ: How good is your Swedish?
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?
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
Stockholm is 'best' region for well-being
Sponsored Article
How to catch the first lobster of the year
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

970
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