Swedish Automobile (Swan), the company which owns Saab and the Spyker sports car business (which it is also in the process of offloading), may have to liquidate even if it succeeds in selling both brands.
GM is currently promising to block the sale of its former brand Saab to a pair of Chinese carmakers, but even if the sale goes ahead the offloading of the two car companies would only raise 132 million euros (£113m). Swan, meanwhile has debts of 136.5 million euros (£117m).
Of course the matter of a £4m shortfall in liquidity could be a moot point for Swan, as its sale of Saab - beyond the protestations of GM - still has to be cleared by the Chinese and Swedish governments, as well as the European Investment Bank.
Even the sale of Spyker Cars isn't a done deal yet - Swedish Automobile is 'continuing talks' with prospective buyers of Spyker, US private equity firm North Street Capital, but hasn't yet nailed the sale.
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