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|The 4th Annual ETUC 8 March Survey, 2011 is available at:||http://www.etuc.org/a/8702|
|Chinese backers save SAAB at last minute|
THE NEAR-BANKRUPTCY OF THE THREE giant American car manufacturers in 2009 left them anxious to offload their European subsidiaries such as SAAB in Sweden which was sold by General Motors to Spyker of the Netherlands. As a small luxury car-maker there was some doubt as to whether the Dutch company had the funds to keep SAAB going for any length of time. This seemed to be confirmed in April when suppliers stopped delivering to the factory near Gothenburg because of unpaid bills. As workers began to be laid off, Spyker found a white knight when Pang Da Automobile of China pledged €45 million to buy cars and €65 million for shares so that SAAB could re-start production. However when the company announced that it could not pay wages due at the end of June union directors resigned, threatening that they would bankrupt the firm if necessary so that workers would get their money, At the last moment an order from a mystery Chinese source for 582 cars worth $18.4 million allowed the lone remaining board member and CEO Victor Muller to confirm salary payment.
The SAAB factory in southern Sweden