The Chinese deal lined up by Saab CEO Victor Muller appears to have collapsed.

Even as it appears ready to tumble into complete collapse, Saab has rejected a bid by two erstwhile Chinese partners to completely take over the troubled Swedish company.

The decision comes months after Saab negotiated a less extensive alliance with China’s Pang Da and Zhejiang Youngman Lotus – that deal still tied up by Chinese regulators.

The decision to pull back from the Chinese comes at an especially awkward time for Saab.  An administrator last week indicated he would seek to have the carmaker’s court-protected financial reorganization terminated. With its headquarters factory closed and relatively little money available observers believe Saab could be a matter of days away from being forced into insolvency.

Ironically, that could make it possible for one or both of the Chinese companies to seek to purchase what would be left of Saab’s assets, according to several industry observers.

The breakdown with Pang Da, China’s largest auto retailer, and carmaker Youngman Lotus came about because they had “failed to confirm their commitment” to the agreement announced over the summer and – more notably – had failed to provide desperately needed bridge funding, according to Swedish Auto, the parent of Saab.

Saab filed for court protection in September, three months after inking a preliminary agreement with Pang Da and Youngman Lotus that it had hoped would solve its money woes.

Swedish Auto, then known as Spyker Cars, acquired Saab in early 2010 from General Motors.  But the buyer was seriously short of cash, a situation which became apparent in March when several key suppliers began a boycott over unpaid bills.  As a result, the maker has produced almost none of its key 9-5 and 9-3 models for the last seven months – though production continues at a GM plant in Mexico that builds Saab’s 9-4X crossover.

Since the boycott began, Saab has tried to line up a variety of alliances but has so far failed to generate the cash it needs to pay off suppliers, it 3,700 Swedish workers – or to re-open the plant.

It did receive a small $15 million payment from Youngman Lotus earlier in the month but continues to wait for the rest of a promised $96 million loan.

Meanwhile, Connecticut-based private equity firm North Street Capital has agreed to provide a $70 million bridge loan that Saab hopes will stave off bankruptcy.

Though the two Chinese companies continue to express interest in a deal with Saab analysts in the Asian nation say regulators are reluctant to approve a deal fearing that Saab simply cannot be saved at this point.