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Saab Auto Can’t Pay Wages as Funds Dry Up With Plant Shut

Saab Automobile, the Swedish carmaker that halted production because of a cash shortage, won’t be able to pay wages to employees because it lacks sufficient short-term funding.

Saab and Zeewolde, Netherlands-based owner Swedish Automobile NV are in talks with various parties to raise cash, the company said today in a statement. The options include the sale and lease-back of the factory in Trollhaettan, Sweden.