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Saab unable to pay wages as financing crisis deepens

Saab's money troubles have worsened to the point that the struggling car maker is unable to pay its employees' wages on the eve of the Swedish mid-summer vacation period.In a brief official statement last night, Saab's parent company Swedish Automobile N.V (formerly Spyker Cars) announced that it was 'will be unable to pay the wages to employees as it has not yet obtained the necessary short-term funding.'  While Swedish Automobile and Saab continue to pursue options for securing short-term financing to solve the cashflow crisis, the company admitted 'there can however be no assurance that these discussions will be successful or that the necessary funding will be obtained.' Saab share prices tumble, Swedish government will not intervene Reaction to the worsening financial crisis from stakeholders has been predictably bleak. Swedish Automobile's shares dropped 61% in value yesterday, and are currently trading at 0.948 euro. The Swedish government, already guaranteeing a €400m loan to Saab by the European Investment Bank, shows no inclination to bail-out Saab, which employs 3800 staff.

Spyker would rebuild Saab around core products, put 9-1 plans on hold

Spyker Cars NV will rebuild Saab around the 9-3, 9-5 and 9-4X models if it buys the Swedish brand from General Motors Co., Spyker CEO Victor Muller says. Plans for a Saab 9-1 entry-level car would be put on hold. Muller said Saab would maintain its headquarters, engineering and production in Trollhattan, Sweden, under Spyker's ownership.

2014 Nissan GT-R Special Edition priced at $106,590

Nissan is introducing the GT-R Special Edition for 2014, slathered in Midnight opal black paint. Only 50 units will be available in the United States, 100 worldwide. The Special Edition, which is based on the Premium model, gets the unique paint, dry carbon-fiber rear spoiler, and forged aluminum wheels with a “hyper-titanium” coating.