UPDATE 3-Spyker racing to solve Saab liquidity crunch

* In talks with several parties over funding

* Production will remain on hold until funding obtained

* Swedish debt agency says looking at solutions for Spyker

* Spyker shares down 0.3 percent

(Adds Swedish debt office, analyst comments, updates shares)

By Aaron Gray-Block

AMSTERDAM, April 12 (Reuters) - Loss-making Dutch car maker
Spyker (SPYKR.AS) raced on Tuesday to gain funding to pay its
suppliers and restart production of Saab cars to stave off any
uncertainty over its viability that could hurt sales.

Spyker, which bought loss-making Saab from General Motors
(GM.N) last year, has halted production several times this month
because it is unable to pay its suppliers, but has said it is
facing a short-term liquidity crunch rather than collapse.

"They can't keep production stopped for a long time. If they
can't produce, they can't sell cars and then they can't get
income and won't survive," said AEK analyst Martin Krum.

"I think they will find a solution, but I can't pinpoint how
much time they have left ... time is the big negative, this has
to be dealt with swiftly."

Rescued from looming closure last year, Saab sold 30,000
cars in 2010 compared with almost 95,000 in 2008 and is hoping
under new owner Spyker to ignite sales growth in combination
with the launch of its new model 9-5 series.

Battling a liquidity problem, however, Spyker and Saab
Automobile said on Tuesday they are talking with several parties
to gain short and medium-term funding for Saab.

Spyker has asked the Swedish National Debt Office (NDO) to
release collateral in the form of Saab's property so that it can
use this to obtain new funding.

Despite the urgency of Spyker's situation, the NDO was
unable to say when it would reach a decision on the matter.

"The work is ongoing. We can't see that we can set any
deadline, but we are working at top speed," NDO spokesman Unni
Jerndal said. "We are working at finding financial solutions."

Shares in Spyker, usually a volatile stock, were down 0.3
percent at 4.129 euros at 1242 GMT, while the Amsterdam smallcap
index .ASCX was down 0.8 percent.

Theodoor Gilissen analyst Tom Muller said the negative
publicity around the company could hurt its sales and Spyker
needs to seal a final solution to solve its cash-flow problems.

"If you want to buy a car from a company and you cannot be
sure that it will continue to exist, it won't help sales,"
Muller said.

NEW CREDITORS

To bolster its finances, Spyker is focusing on Russian
businessman Vladimir Antonov, who has submitted an application
to take a stake in the loss-making car manufacturer.

Any investment from Antonov, however, must be approved by
the Swedish National Debt Office, which guaranteed a European
Investment Bank loan of 400 million euros to Saab Automobile.

Spyker is also in talks with U.S. and European banks about
refinancing and increasing the existing EIB credit facility.

When operating at full capacity, Saab makes about 200 cars a
day. But the factory, which employs about 1,200 production
workers, has had a series of rolling stoppages this month.

The company said once it has obtained funding to pay
outstanding debts with its suppliers, Saab Automobile expects it
will be able to resume normal production within a week.

Spyker is trying to sell and lease back Saab's real estate
to raise cash, but added on Tuesday this was one of the funding
scenarios Saab is currently working on and it expects to be able
to come up with more details before Thursday.

A suppliers' group has said companies are owed tens of
millions of crowns by Saab, and Dutch newspaper De Telegraaf
reported on Tuesday that Saab's monthly tax payment is due on
Thursday, while wages are due in two weeks' time.

Modern car factories operate on a "just-in-time" delivery
basis and do not have warehouses of parts stored onsite which
means they are particularly vulnerable to any halt in supplies.

"It always takes some time to resume production when you've
had a stop," spokesman Eric Geers said.
(Additional reporting by Simon Johnson in Stockholm and Gilbert
Kreijger in Amsterdam; Editing by Mike Nesbit and Jon
Loades-Carter)