Saab Confirms 3 Bidders Remain

STOCKHOLM (AP) -- Saab Automobile confirmed Tuesday that it is in talks with three potential buyers that have expressed interest in taking over the ailing General Motors Corp. unit.

"We have narrowed it down to a short list now," Saab spokeswoman Annicka Troedsson told The Associated Press. She confirmed there were three potential bidders but declined to identify them.

Trollhattan, Sweden-based Saab went into creditor protection on Feb. 20 in an effort by GM to spin off or sell the unit.

Lawyers on Tuesday filed an application to extend the court-managed reconstruction process until Aug. 20. The original reconstruction period ends on Wednesday.

In the application Saab writes the reconstruction continues according to plan and that the company has implemented large cost savings.

Earlier this month, Italy's Fiat said it was interested in buying the company together with GM Europe's other brands -- Germany's Opel and Britain's Vauxhall. Chinese automaker Geely Automobile Holdings has denied reports it was bidding for Saab.

Saab officials have previously said they expect to complete the sale by the end of June.

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