“Spyker announces today that Hawtai Motor Group Company Limited and Spyker terminated the agreement by and between Hawtai, Spyker and Saab Automobile with respect to funding and strategic partnership,” Spyker said in a press release.

The deal announced on May 3 with Hawtai was expected to see a 120-million-euro injection from the Chinese carmaker for a maximum equity stake of 29.9 percent in Spyker, and a further 30 million euros in the form of a convertible loan agreement, to finance the ailing Saab.

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