Aston Martin, For Sale Sign Looming

Not even one of the most iconic British car manufacturers can't escape the (still) tight grip of the economic crisis. Although apparently spared until now from drastic measures (in terms of product), such as discontinuing models or giving up on future plans (just look at the unveiling of the extremely expensive One-77), the owner of the brand says it is struggling to raise more funds.

According to pistonheads.com, Investment Dar, the Kuwaiti fund which holds half of the British manufacturer, has just signed an agreement with both creditors and investors, allowing the company to postpone repaying debts and get additional funding.

According to the document signed by the parties involved, quoted by the source, "the consenting banks and investors will, for the duration of the standstill agreement, suspend individual claims relating to investment arrangements."

And they will do so until the end of the year, when the deal will expire. Even if there is hope that by that time the company will be out of the woods, Dar says it may have to sell some of Aston's assets to at least reduce the debt.

In the beginning of the year, Investment Dar said that it needed loans of up to $1 billion (£680m) to refinance its own short-term debts. At the same time, it was believed Aston will breach its banking covenants this year.

Last year, Aston Martin had 1,850 workers, but ended up with only 1,250 by December. And this despite the fact that it posted its second-best year ever in 2008, with 5,800 vehicles out of the 6,200 it produced sold.