Swedish Automobile, which won bankruptcy protection in Sweden last week, said net proceeds from the sale of the Spyker sportscar business will be used to pay down debt.

Amsterdam-listed Swedish Automobile announced in February it had agreed to sell Spyker to CPP Global Holdings, the UK holding company of Russian businessman Vladimir Antonov, a former Spyker shareholder, saying the deal could raise about 32 million euros.

But at the end of August, Swedish Automobile disclosed that the deal had been put on hold.

Swedish Automobile said North Street had the resources to take a long-term view on the development of Spyker a high-end sportscar manufacturer. Swedish Automobile chief executive Victor Muller will remain chief executive of Spyker.

Spyker's sports cars have appeared in Hollywood films including The Pink Panther and Basic Instinct 2. Only a few dozen are produced each year, with a list price of about 200,000 euros for the C8 Aileron.