Saab's future is fading as bid deadline approaches

After a year on the market Saab may be past saving

More than 3,000 workers at the Swedish motor company, Saab, face a tense evening waiting for news of any rescue bid for their company.

Its parent company, General Motors, has given a deadline of 2200 GMT for prospective buyers to make their offer.

Bidders in Sweden, Luxembourg and the Netherlands are making last-ditch proposals - but have yet to submit anything official to GM.

GM says it will close the 60-year-old company if no bid is forthcoming.

Deals to sell Saab have twice fallen apart in recent months.

On Wednesday, GM's chief executive Ed Whitacre suggested that closure was more likely than a sale because no buyer had proved it could finance a purchase.

He said GM was proceeding with the winding down of Saab as planned.

Last-ditch drive

There is no shortage of suggested bidders. One persistently linked with Saab's future is the Dutch luxury carmaker, Spyker. It said it was preparing an improved bid.

Previous offers were rejected by GM which was not satisfied as to the source of its financing.

SPYKER GROUP 133 employees 37 cars sold in 2008 23.8m euros ($34m; £21m) lost in 2008 3rd place for Snoras Spyker Squadron in 2009 Le Mans championship series Source: Spyker

And earlier, a Swedish newspaper said two anonymous Swedish groups were likely to submit last-minute bids proposing management buy-outs of Saab.

Separately, the Swedish labour union newsletter, Dagens Arbete, said on Thursday that the Luxembourg-based investment firm Genii Capital had made a bid for Saab and had met the Swedish government to let them know of its plans.

But there is scepticism that any suitable buyer will actually emerge.

Show me the money

Michael Tyndall, motors analyst at Nomura International, said: "The idea of there being an 11th hour white knight seems far-fetched to me."

And GM's Ed Whitacre said: "It's real easy - show up with the money and you can have it," he said. "[But] no one (has) showed up with the money."

GM has been trying to sell Saab since January last year, and stepped up efforts following its bankruptcy in July last year.

Saab employs 3,400 people in Sweden and GM has estimated 8,000 people will suffer indirectly from its planned closure.

In 2008, Saab lost 3bn kronor (£255m; $412m). It has not made a profit since 2001.

A meeting of Saab board members will take place on Friday, instead of on Thursday, as originally planned.