Associated Press (Stockholm) - The owner of troubled Swedish automaker Saab says is issuing new shares under a C$150 million ($215 million) equity facility in the hope of raising enough money to pay delayed salary payments to some 1,600 white-collar workers at Saab.
In Wednesday's statement, Swedish Automobile, or Swan, says it hopes to make those outstanding wage payments by the end of this week.
The facility has been signed between Swan and GEM Global Yield Fund Limited. Swan is issuing 5 million new shares which GEM will buy at market value.
Saab which is also struggling to find short-term funding to get its production going again after months of standstill, announced last week that salaries for managers and other non-production workers would be delayed.
