Saab Risks Going Bust
Saab is a Swedish car manufacturer established in the nineteen thirties. The cars are famous for being reliable family cars, and yet are currently close to bankruptcy after admitting that they do not currently have enough money to pay the wages of their employees. Fr the past quarter they have been stopping their production lines and have been accused of not paying suppliers, but it seems that the nearly four thousand strong work force will not be getting paid this month either. This raises doubts at the survival of the car giant, and although they have had people interested in buying them, it has thus far not been fruitful.
It has fallen close to bankruptcy on a few occasions in the past few years, but it seems that the CEO has managed to save them from going under. This time however it is disputed that even he will be able to resurrect the dying brand. If the company dont pay their employees then any of the workers can ask a court to declare the company bankrupt to activate a government run salary guarantee.
The union which looks after the interest of the workers or the Swedish car giant will send a letter to the company asking that they pay their members, and the company then have seven days to react.
The brand has a following of loyal customers who continue to purchase their cars when they upgrade, but this is the only thing they seem to have going for them this decade, as other manufacturers come up with more ingenious and revolutionary techniques for car production, safety and innovation. It is thought that the brand will cease trading in the future, as they cannot raise the capitol to carry on producing the vehicles, or even resume the production line.
If you are driving a Saab and the company goes bust you may find that your car is no longer worth anything. should you hold onto it you will find it increasingly difficult to get parts should there be anything go wrong.
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