A part-owner of Aston Martin has said it will not sell its share the company to satisfy its need for fresh capital.
Investment Dar, the Kuwaiti investment group that owns 90 per cent of Aston Martin along with other investors in a consortium led by David Richards, had been looking to sell up to raise capital. The consortium paid £480 million for the stake in Aston Martin in 2007.
However, the company has now told creditors that it will sell £600 million of assets in banking and industry to meet its cash flow needs.
Investment Dar has £2.4 billion of debt. Its lenders now have three weeks to consider the plan.
The investment group says that it had received several expressions of interest in a stake in Aston Martin, but it has added that market conditions were considered too difficult and the interest too speculative.
Investment Dar was started in 1994 by a group of leading Kuwaiti businessmen and shareholders.
It told creditors its assets were now valued at between £2.9bn and £4.3bn.