F&I Management & Training

The chief executive of General Motors has admitted a deal to sell Saab is unlikely ahead of a deadline for bids.

Ed Whitacre said that no bidders had come forward with enough money, and that Saab plants would begin to close this week.

But Dutch sportscar maker Spyker is reported to be preparing a fresh bid for Saab before a deadline of 2200 GMT on Thursday.

A previous offer, made by Spyker in December, was turned down by GM.

Speaking to reporters at GM's headquarters, Mr Whitacre said that the company had done everything it could to secure a sale.

"It's real easy - show up with the money and you can have it," he said. "[But] no one's showed up with the money."

Fresh bid

Spyker has so far submitted two bids to GM in its attempt to buy Saab, although talks collapsed last month.

According to the Wall Street Journal, a third bid is planned and will be submitted later.

An original deadline of 31 December was extended to Thursday by GM to give Spyker more time to raise the necessary funds.