24 Aug 2011

No funds for wages at Saab

7:32 am on 24 August 2011

Swedish carmaker Saab says it may not have the funds to pay the wages of its employees on time in August.

If so, this will be the third consecutive month that at least some of Saab's 3700 employees will have seen their pay delayed.

Saab was bought last year by Swedish Automobile, formerly known as Spyker.

The BBC reports the new owner has been trying to find new sources of funding since April, when production was halted as unpaid suppliers stopped deliveries.

Last week, seizure of assets began from the carmaker in an attempt to recover money owed to suppliers.