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Sunday, 26 June 2011

Saab runs out of cash to pay wages

Saab, the Swedish car company renowned for its sometimes quirky designs, moved closer to bankruptcy Thursday after it conceded that it didn't have any money to pay employees' wages.

After months of production stoppages and problems with paying suppliers, Saab said the situation is so dire that it won't be able to pay its 3,700 employees, raising doubts over how long the brand can survive. Vcommindia News
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