After Hawtai Motor Group failed to secure government approval for its deal with Spyker over the future of Saab, Saab has virtually no operating capital left.

Saab is back in hot water again.

Less than a couple of weeks after the Swedish automaker's Dutch parent, Spyker, said it had a deal with Hawtai Motor Group of China for a partnership, the deal has collapsed. Hawtai would have given a much needed cash investment in exchange for a 29.9% stake in Spyker, but the Chinese authorities reportedly refused to allow the deal to push forward.

The two automakers had agreed to a contract that would involve Hawtai Motor Group providing Saab with €150 million euros ($216 million) in cash. But the deal has fallen through because Hawtai failed to secure the backing of the China government.

Saab is not giving up just yet. "As a result of this termination, Saab Automobile may enter into a strategic partnership with Hawtai or another Chinese party on manufacturing, technology and distribution in China," a Saab spokesman said in a press release.

Saab's owners, Dutch-based Spyker, have run out of money to keep operations at the Swedish carmaker going and Saab faces the same dire consequences it has been dodging for quite some time - the evaporation of operating capital.

Its only hope may be with Russian businessman Vladimir Antonov, a former Spyker shareholder who continues to express interest in investing in the Swedish marque.