General Motors has sent out confidentiality agreements to more than six potential investors for Opel/Vauxhall, CEO Fritz Henderson said.
“More than six people have expressed interest, serious people,” Henderson told a news conference in Detroit on Friday.
"Many of them are financial players, some of them are industrial players. I would expect that work would get done in the next two to three weeks so that process has kicked off," he said.
Henderson had less to say regarding GM's Swedish brand Saab but mentioned that investors had the opportunity to get a better idea about the true state of health of the Swedish carmaker's operations.
"We have a number of parties who are interested in looking at Saab and our books are open, if you will, in terms of what that business looks like and I don't really have anything more to report there," Henderson said.
GM is sellng Saab and carving out German-based Opel and its British sister brand Vauxhall into a separate unit. It is seeking outside investors for Opel/Vauxhall.
So far no investors have publicly stated interest in taking a stake but sovereign wealth funds from the Middle East are thought to be among the interested parties.
To prevent liquidity problems, Opel has requested loan guarantees of 3.3 billion euros ($4.34 billion) from governments in European countries where it has factories.
German Chancellor Angela Merkel has made the approval of any such guarantees from Germany conditional on finding an investor.
Henderson said the financial pressure on GM's European operations had eased in recent weeks because of scrappage incentives and the successful launch of the Insignia sedan.
A German incentive scheme that pays people 2,500 euros for scrapping old cars and buying new ones has boosted demand for Opel's Corsa and Agila cars.
The carmaker's new Insignia model -- voted the 2009 car of the year - has been a hit with buyers and car reviewers.
GM Europe is also benefiting from cost reductions it has made, Henderson said. "Our business has performed better than expected, which has been helpful," he said.
As a result, GM Europe's liquidity shortage would affect the company later in the second quarter rather than early in the second quarter, Henderson said.
"We still have issues in front of us," he said.
Henderson added that GM was still in talks with an industrial investor over the purchase of its Strasbourg transmission plant.