Saab No Longer Able To Pay Salaried Employees

Struggling Swedish car maker Saab said today it cannot pay almost half of its workforce this month because it has not received the funds it had expected, reviving fears about its precarious finances.

Saab has lurched from one cash crisis to another in recent months, seeking funds so that it can restart production. Car assembly was halted in April when suppliers refused to deliver parts until they were paid, and Saab only narrowly fended off a demand for one of its units to be declared bankrupt last week.

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Caraficionado - 7/26/2011 2:56:46 PM

+2 Boost

I was about to comment the same thing. So sad.

Steve - 7/26/2011 11:45:42 PM

+4 Boost

Maybe a multi-billion dollar bailout...er..."loan" and government stock purchase might do the trick?

Call me old-fashioned, but I think that any company that cannot survive by its own means, should be "put to sleep."

MercBasher - 7/27/2011 10:09:57 AM

+2 Boost

I'll miss Saab, I was desperately hoping that the company would make it, and be able to bring out an iconic car in the spirit of the little Saabs from the 1950s and 1960s. My parents claim my first word was not mama or papa or anything like that it was "Saab", and was said from a push chair as one of those little Saabs trundled by.

iamdabest1 - 7/27/2011 11:53:01 PM

+1 Boost

ill miss this brand more than saturn, pontiac, mercury .. ill only miss hummer more.

poot66 - 7/28/2011 10:42:28 PM

+1 Boost

lol... that is genius if its sarcasm and I'm hoping it is. Pour some liquor out for the car companies that aint here no more.

supermoto - 7/28/2011 3:54:52 PM

+1 Boost

This has gone on long enough. The SAAB brand just needs to die and perhaps be reborn under new ownership like the Mini Cooper did.