The Dutch parent of Saab Automobile AB said Monday it is in talks with Chinese automotive distributor Pang Da Automobile Trade Co. and an unnamed Chinese bank over a possible sale after concerns by former Saab owner General Motors Co. quashed an earlier investment agreement.

The parties are talking about a short-term cash infusion to cover November salaries, but the Saab parent, Swedish Automobile NV, denied reports the banking partner would be state-owned Bank of China Ltd.

The agreement under discussion would entail Pang Da taking 19.9% of Saab and the unnamed bank 29.9%, according to Dagens Industri.

"The outcome of the discussions is still uncertain," Swedish Automobile NV said.

Saab has made few cars this year after springtime money woes halted manufacturing and sent its parent on a hunt for new cash. For months it banked on a series of agreements with Pang Da and Chinese carmaker Zhejiang Youngman Lotus Automobile Co. Ltd., but GM stepped in to block an agreement over fears technology it shares with Saab could be stolen.

Saab itself is under voluntary reorganization in Sweden and late last month put its U.K. division into administration, the local equivalent of Chapter 11 protection. Unions are threatening to force the company's liquidation if it can't come up with the cash for November payrolls.

Last week Swedish Automobile said Saab sold 2,775 cars in the third quarter, down from 7,430 in the same period a year earlier, a 63% decline. Revenue fell 15% in the same period to €434.8 million ($587.8 million) with its operating loss swelling to €289 million from €78.2 million a year earlier.

Swedish Automobile is also selling its Spyker high-end sportscar business to North Street Capital LP for €32 million. The Greenwich, Conn., investor also agreed to buy $10 million in Swedish Automobile shares and lend the company an additional $60 million.