Saab says Chinese order could pay staff's wages
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STOCKHOLM, SWE. - Saab-owner Swedish Automobile AB says it has signed a deal to sell 582 Saab cars to a Chinese company for euro13 million ($18.3 million CDN).
The company, previously known as Spyker Cars, claimed the deal would provide the ailing car brand with enough funds to pay salaries to its employees, but didn't reveal the name of the Chinese company.
Last week, Saab said it had run out of cash to pay its 3,700 workers, raising doubts over how long the brand could survive.
Swedish Automobile said Monday talks to raise more cash by selling and leasing back Saab's real estate continue.
It said Russian businessman Vladimir Antonov is also still interested in investing in Saab, but has failed to receive the necessary approval from the European Investment Bank.
By the Associated Press
