An internet auction will be held in the new year to find a buyer for an aluminium plant unless a deal is sealed with a prospective buyer.
Union officials hope to meet administrators later
The auction will be for Dolgarrog Aluminium in the Conwy Valley, which went into administration in August.
The plant, which employed 170 at Britain's only integrated casting and rolling aluminium mill, ran into financial problems.
Just 10 workers are now remaining to maintain the site.
A spokesman for administrator KPMG in Manchester said it was still talking to one interested party who wanted to buy the business "as a going concern".
"To date, two bids have been received, both of which have been rejected," he said.
"We also remain in discussion with various parties wishing to acquire both the plant and the land and buildings."
Offers had been received, he added, but had not been accepted.
"Agents have also been instructed to begin the process of carrying out an online auction of the plant and machinery in the early part of 2008 should a deal not be concluded," he added.
Dolgarrog Aluminium was set up five years ago following a management buy-out of the former Alcoa plant.
The company marked the 100th anniversary of aluminium-making on the site this year.