Dutch high-end sports car maker Spyker could soon be racing ahead under new ownership as its parent company, Swedish Automobile, sells off assets to keep itself and its cash-strapped subsidiary Saab afloat.

Swedish Automobile has been scrambling for months to stave off bankruptcy, seeking new investors to help pay suppliers and employees and resume production at Saab.

Chinese investors

Earlier this month, the carmarker won some much-needed breathing space when a Swedish court granted it protection from creditors. It was expecting 245 million euros ($333 million) funding from Chinese investors.

Under a conditional agreement reached on Thursday, US private equity firm, North Street Capital, will pay 32 million euros for Spyker.

The niche sports carmaker produces between 20 and 70 cars a year, which cost about 200,000 euros each. The cars have appeared in Hollywood films, including "The Pink Panther" and "Basic Instinct 2."

Production halt

Swedish Automobile - formerly Spyker Cars NV - will use the proceeds from the sale of subsidiary to pay down a debt to Tenaci Capital, a private investment company. Tenaci is owned by Swedish Automobile CEO Victor Muller.

In February, Muller had tried to sell Spyker to UK-based CPP Global Holdings, owned by Russian businessman Vladimir Antonov. But the deal fell through in June.

Saab stopped production in late March when suppliers temporarily refused to deliver parts because they hadn't been paid. The assembly lines at its main factory in Trollhaettan have been completely idle since June. The carmaker owes suppliers about 150 million euros.

Author: John Blau (Reuters, AFP)

Editor: Zulfikar Abbany