Nov. 24, 2009 (United Press International) -- General Motors Co. said Tuesday a Swedish buyer lined up to purchase Saab Automobiles had backed out of the deal.

It was, perhaps, a long shot. The New York Times said the buyer, Koenigsegg Automotive, is a niche sports car company that has 45 employees and is unlisted.

The deal hinged on Koenigsegg securing $600 million in financing from the European Investment Bank and guarantees from the Swedish government.

Some analysts had doubts the small company could manage Saab, which made 93,000 cars in 2008. The Swedish government had doubts of its own, as Saab has not made a profit in many years.

While lining up the deal, Koenigsegg explored China as a potential growth market, signing a deal with Beijing Automotive Industry Holdings to look into the potential for sales there.

In a statement, GM Chief Executive Officer Fritz Henderson said the company was "obvious very disappointed with the decision."

GM, which emerged from bankruptcy this summer, in October reversed a decision to sell its German and British operations Opel and Vauxhall.

A deal to sell Saturn to Penske Automotive Group (NYSE:PAG) fell through this fall when Penske could not reach a deal with a separate company to manufacture Saturns under the same brand name.