Saab PARIS — was faced with a possible collapse on Thursday, after Dutch owner of automaker said that he was unable to pay employees their wages, and warned that prospects for obtaining short-term funding were uncertain.
Swedish car, headquartered in Zeewolde, Netherlands and formerly known as the Spyker Cars, said he and Saab Automobile "were in discussions with several parties" on financing, including through a planned sale and lease-back of real estate assets of Saab.
"These discussions are ongoing," the company said. "Cannot however be no guarantee that these discussions will be successful or that the necessary funds will be obtained."
Swedish automobile shares slid by more than 31 percent in afternoon Amsterdam trading.
Any hope that the Swedish Government would intervene to help disappeared after Maud Olofsson, Minister for enterprise, told a press conference in Stockholm that "the Board of Saab has the responsibility" to pay the workers — not the Government.
Asked about the possibility that Saab would end in bankruptcy, Mrs. Olofsson replied: "I think it's too early to talk about it".
Veli-Pekka Saikkala, the Secretary of the Union IF Metall "this is terrible," said in a statement. "You should never give hope, but only now seems extremely dark".
The more than 3,700 employees Saab last were paid one month ago, Gunilla Gustavs, said a spokesman. Workers were paid Thursday, while white collar workers were to be paid Monday.
Unions of Saab said it would formally require their salaries on Monday, if they had not been paid by then, after the company would have seven days to respond.
"After that there are two alternatives," Mr. Saikkala told Reuters. "Whether we see that the situation can be resolved, or we demand that Saab is placed in bankruptcy".
Under its Chief Executive, Victor r. Muller, Swedish car, a small manufacturer of sports cars, bought Saab from General Motors in 2010. But he has struggled with the difficult task of trying to restore the timely production of the company and return it to profitability.
Factory output of Trollhättan, Sweden's Saab was suspended for most of the time since the start of April because of lack of money. The company, repeating a statement two weeks ago, said he was continuing to negotiate with the parts suppliers that refused to extend I.O.U.s.
The announcement Thursday dashed hopes that recently announced deals with Chinese partners would turn Saab. Zhejiang Youngman automobile Lotus agreed to pay EUR 136 million, or US $ 195 million, to a game of 29.9% in Swedish car firms Said 13 June. This deal came shortly after the announcement in may Pang of Automobile trade would pay $ 109 million for 24 percent of the Swedish car.
Companies have portrayed the promotions as games changers offering access to the Chinese auto market, the world's largest. But analysts have expressed skepticism that the injections of money — assuming they are approved by the Chinese authorities — are of a sufficient scale to correct Saab.
The brand Saab can still be saved, Howard Wheeldon, senior strategist, BGC Partners in London, wrote in a research note. But, he wrote, "sincerely doubt that even if an agreement with the Chinese or the Russians could be negotiated, that in such a crowded local market volume as this and another that right across Europe probably contains something like excess production capacity of 40 percent, that there may be any future producing cars Saab in Sweden."
Saab still awaiting word on whether a Russian banker, Vladimir a. Antonov, will be erased by the Swedish Government and the European Investment Bank to invest in the group. Your participation, if approved, would bring substantial new funds.
Ms. Olofsson said that until now General Motors, which still owns Saab preferred stock that is eager to sell, and the European Investment Bank, which has extended funding to the automaker, blocked the entry of Mr. Antonov for the company.
"If G.M. and the E.I.B. say ' Yes ', the Swedish Government we are also prepared to say it too," he added.
William Rankin contributed reporting.
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