The Saab see-saw continues, and now, there’s a likelihood of liquidation for Swedish Automobile even if the company is sold to Chinese companies Pang Da and Youngman. It seems that the proceeds of the sale – and that of Spyker – may not be enough to pay off creditors.

According to reports, brand owner Swedish Automobile – which has tentative agreements to sell both Saab and Spyker – will consider “all of its options,” including a voluntary liquidation, should the deals go through, the company said last Friday. The transactions – Saab for 100 million, and Spyker for 32 million – are set to raise a combined 132 million euros, though that amount is insufficient to cover the company’s debts of 136.5 million euros, it said.

The company added that a lack of approvals and final agreements on the deals raises questions about the future of Swedish Automobile and any settlement with stakeholders. Earlier in the month, General Motors, which had preference shares in Saab, and which supplies the brand with crucial components, said it would not approve the sale.

The clearance of Saab’s sale is also required from Chinese authorities, the Swedish government and the European Investment Bank. Swedish Automobile’s preliminary agreement with Zhejiang Youngman Lotus and Pang Da is valid until today, November 15.