Investment company Genii Capital has withdrawn its bid for Saab, leaving Spyker Cars as the sole remaining bidder for the company.
Genii Capital's bid had been backed by Formula One mogul Bernie Ecclestone. It announced its withdrawal from the running in a statement late on Monday night.
"Genii Capital believes that the timing of the next stage of the shutdown process at Saab is not compatible with its requirements for putting in place a solid business platform for the future and closing the transaction," said the statement.
GM boss Ed Whitacre said on Monday the company has held advanced talks with Spyker Cars over the sale of Saab, but is proceeding with plans to wind down the unit.
"Obviously there have been advanced talks with Spyker cars to acquire Saab. However, we do not have a deal to announce. If and when that changes, we will let you know," Whitacre said.