No salaries yet…

December 2, 2011 in News

No wages have so far been paid to the employees. They will have to make do with what they have saved up for this weekend.

One thing to keep in mind though is that most companies grant a 10-15 day delay on payment without doing anything before sending the first reminder. People unable to pay an invoice should call the company and explain the situation, most often it is not problem to get a delay on the payment if sound reasons are presented.

42 responses to No salaries yet…

  1. Patience is a Virtue, but doubt that line is going to go down too well with employees 3 weeks before christmas!

    • Patience was never a vrtue. It might be necessary, but a virtue it is not.

      My own Salary has just been paid today 2 days late. I am not happy.

  2. My company wouldn’t dare to pay salaries 2 days late; everyone would just call in sick !
    (and rightly so; you work your ass of 40 hours a week for a company that’s only interested in cutting costs and that always buys the cheapest equipment available…, but than again, Saab is (still) not just another company…)

    • I’ll agree that in the US this would not fly for a second, but I am intrigued that it works differently elsewhere.

    • In the nicest possible way, that just betrays an attitude that it is somehow ‘management’ who control everything and ‘workers’ do not; if the company is in trouble then everybody is in it together.

  3. This must be so nerve-wracking and disheartening for Saab’s employees. It’s amazing, really, that they have anyone left in their employ. At best there seems to be some major communication problem with Youngman, at worst a serious honesty and credibility issue. Certainly I don’t think that one company should pay another’s employees’ wages for no reason, especially if there’s little guarantee that a new ownership structure will be implemented, but then that company (ie Youngman) shouldn’t promise to do so, either. I may be way off-base here, but this doesn’t bode well for the future even if all the various negotiations and agreements are worked out and a new ownership comes into effect. You can’t promise to do something on Wednesday and then change your mind and not do it on Friday, and that (from this outside observer’s perspective) is what Youngman has done repeatedly. But perhaps I am missing something.

    • Very good point. It seem to me, that there is a serious problem with corporate conduct on their side, and they should most rapidly take advisors who tell them what is appropriate in Europe and the US. Otherwise they will not succeed and fail miserably, even if they acquire Saab over time.

    • I think there is mis-communication between YMPD and Saab. YMPD already made it very clear: without the approval from GM, even the NDRC approve the deal, they won’t put any money to Saab any more.

      • Possible. Though, if they still target at acquiring a 100% Chinese solution, after what GM let them know, it seems a form of poker aimed at putting pressure.

      • We really don’t know much on what’s really going on.
        Sticking to 100% ownership seems suicidal but maybe that’s just one side of the story and the final details of plan B are finalized?

      • YMPD isn’t an entity. YM is an entity, PD is an entity. Just so there’s no confusion. And what each are targeting hasn’t been fully or accurately reported.

        • The chairman of Panda did say Pangda and Youngman will not put any money before GM’s approval. However, actually recently all money for salary were from YM, nothing from PD. Hope it was the Journalist made some mistakes in quote. Which means YM still want to pay the salary…

    • It would be ridiculour if YM pays salaries for Saab workforce while YM has no clue yet if they will partially own Saab. And that is NOT small money it is BIG money (the monthly salary).

  4. Quickbird, wasn’t that Pang Da only who said that?

    • Yes, it is Panda Chairman said that. But he did said Pandda and Youngman will not put any money before GM’s approval. Not sure the journalist who wrote the news in Chinese quoted his words corrected or not. Anyway, I also hope YM continuous put money, tho it is not that realistic, but putting money means there is still hope….

      • At the very least that’s not what was reported or expected. On Dec. 1 it was reported that Youngman would pay the salaries. There seems to be a serious credibility issue here with their promises. Remember they also promised monies back in September as part of the original purchase agreement. Only then they didn’t give what was promised, which caused that whole deal to blow up.

  5. The only real solution is that there will soon be a definitive execution of plan B.
    Only so the employees do know that they have a job, a future and we do get new manufactured Saab cars at the dealers and on the road again.

  6. I was waiting for some good news on this Friday, it again disappoints me SO MUCH.

    I read that Patience is Virtue one it seems North Street Capital is in the picture again (see the TAGs of that post).
    But I can hardly believe that NSC will own 60% of Saab, they don’t have money at all.

    I also read from Chinese media that YM 20%, PD 20%, another Chinese regional fund 60%, but this makes no sense either because then it is still 100% CHINESE.

    GM is really not funny.

    • that proposel of 60% wasn’t good for GM, they rejected it.
      this weekend is very important to look for a solution for that 60%
      it will be hard work for all the parties to come to a solution so that YM can pay the salaries.
      all parties are back in Sweden to work for THE SOLUTION that GM could agree with.

      • Why not SweGov just hold the 60% for two to three years, and after that sell it to YM/PD at the time. 60% is not big money compared with the money SweGov own EIB if Saab go bankruptcy… Just learning what US gov. do to GM…

    • CSD, what are you basing your claim that NSC has no money on? Please be cautious before you take your frustration out on subjects that you know little about. I’m half tempted just to delete the comment, but will leave it up as a reminder to anyone that until you have facts, playing businessman by suggesting ownership structures or guessing at what will be acceptable to all parties is not productive. At this point there’s not much to do but wait.

      • Don’t always delete comments, nobody want to say bad words here…

      • OK thanks Jeff, you are the one boss I respect here.

        And OK too if NSC does have money (no matter where they get it from, maybe again Chinese money).

        OK back to Patient Phase 2 I guess next Monday the breaking news comes out.

  7. It’s time to search in used cars sites for Volvo and Mercedes.
    What is not profitable is simply not profitable. End. No tales, no bullshit. Saab broke all rules and broke its promises for so long. I loved Saab but who on Earth will believe them after that all? Sad, very sad.

    I almost forgot: Keep Calm And Carry On…

    • Yes we will but I myself will, in that case, still look for second hand Saab cars rather hen looking for Volvo or Mercedes cars

  8. We have no reasons to believe that Jeff told here is not true.
    I know when he says sooo close , we thought it will be hours/days…. but at the same tile in a previous comment he hinted the plan will break out end of this week/begining of next week….
    So let’s cool down for a moment, there’ll be plenty of time for that if Saab goes down.

    • Thanks aop, negotiations are always unpredictable, but like I said before they need to make sure this offer actually has legs or the company really won’t have a choice but to file for bankruptcy. The pressure these guys are facing is incredible, so your patience in waiting for them to get it all buttoned up is appreciated, at least among everyone here.

      • Thanks for taking time to reassure us, Jeff !
        Just one more thing I’d like to know , if possible : is GM aware of the existence and the content of this plan and did they okeyed it , at least in principle?

        • I really can’t comment on what parties have okay’d or not, just that there’s dialogue both ways. It’s as frustrating for me not to be able to share as it is for you not to know. My best advice, take the weekend off from SU and enjoy the holiday season. I may do the same.

      • My Saab status is on hold.

        No problems with my Saabs at this time, but for a car to be reliable one needs service and parts. For planning purposes one needs to know what is going to happen. For the Saab employee there is budgeting for food. For the Saab owner there is budgeting for expenses including buying that new Saab or adding fog lights, etc.

        So, what do us Saab owners plan for?

    • But the main issue in this tread is that Saab employees not have get their wages, and can they call their supermarket and get food upfront as well as earlier was told to do with other bills. No I don’t think so, so plan B have to be executed NOW or I will promise there will be no company to restart or employees left. Just take a look at the number of white collar that have left already, and still is everyday.

  9. what is going to happen over the weekend ? do they all bugger off home at 4pm…back to it at 9am monday….the poor devils at saab, how are they feeling ?

    • Buggering-off hour is more like 5.30, at least for me (then again, I’m always the last one to arrive in the morning). We’re feeling pretty good, thank you, though there has been a lot of cake this week, and only one of those cakes was of the birthday variety.
      Obviously you have to respect the choices the people leaving us have made, in most cases I’ll wager they were very hard ones to make. Still, it’s a bit disheartening to see all those empty desks every day… but give it some time, and they’ll start filling again, I’m sure :)

      • i respect your comments and really do feel for you…..all the best for xmas and new year and i just hope everything turns out for the best….regards

  10. No news on Friday evening should mean there is no (more) bad news to report this week (knock on wood). Perhaps the press releases are still in process of being written…

  11. In philosophical mode: a company that mounted an engine longitudinally in a front-wheel-drive car with a gearbox that required the patience of a saint to fix was NEVER going to make things easy on anybody, least of all themselves :-) We are going completely bonkers but I know that still we have to hope.

  12. Another important question- does guy lofalk approve if this new potential deal/plan with NSC as a partner?

  13. Looking to enjoy the weekend, knowing that people out there are working to make this happen. Negotiations are alays a good sign that things are ongoing and discussions are about getting things fixed and on track. Speaking of track, its snowing now and Im going to enjoy getting my Saab on the road here soon and make some tracks of my own.

  14. wrights this morning that a new proposal has been submitted to GM , and an answer is expected after the weekend.
    The Chinese will get about 50% of shares and a third non-Chinese party (unknown for the moment) will get the rest.

  15. writes that is.