It’s tough burning rubber with an empty tank. Just ask Nissan Motor. Japan’s third biggest automaker, which was brought back from the brink with a hefty capital infusion from France’s Renault in 1999, once again finds itself running low on the readies. With more than $8bn of debt maturing this year, and credit markets in less than generous mood, Nissan is mulling its options. On the agenda are government largesse, a possible European bond issue, and real estate sales.

Nissan has the weakest financials of Japan’s big three automakers. It burnt through nearly $7bn of cash in the first nine months of the fiscal year. The current quarter looks even more vicious. As car sales and profits slump, Nissan is firmly focused on reining in working capital and slashing capital expenditure. By shuttering production and cutting inventories it aims to return to positive free cash flow. Pulling in cash by selling cars is a tough option, especially with a strong yen: Nissan forecasts an operating loss of $2bn this year; analysts believe it will lose even more the next.