Saab Automobile AB, which owner General Motors Corp. (GM) is trying to sell, has more than 20 suitors and expects to be sold before the end of June, the struggling Swedish car maker told a Swedish court Monday.

The Vanersborg district court Monday granted Saab an extension of its reconstruction period. The carmaker met with creditors in court and argued successfully that it shouldn't immediately be forced into bankruptcy since it stands a chance of being sold and becoming profitable. Saab, fighting for its survival as its equally struggling parent company has said it seeks to unload its Swedish unit this year, had filed for bankruptcy protection Feb. 20. Saab told the court it needs about $1 billion in the near future in order to continue production at its main plant in Trollhattan, Sweden, and to be able to launch the new models it has developed.

Of that $1 billion, $600 million would be a loan from the European Investment Bank and $400 million would consist of GM writing off loans and providing support for production of the new car models, Saab said.

Saab said it estimates selling 150,000 cars in 2011. It sold 93,000 cars in 2008.

Saab didn't identify any potential buyers, but said in documents filed with the court that "currently there are more than 20 actively interested parties." It said the management's presentation to the parties will begin "shortly" and the sales process should be completed by the end of June.

A Swedish government official who is the state's liaison with the auto industry told Dow Jones Newswires last week he thought some rival carmakers may be feigning interest in buying Saab to get access to its books and research and development plans.

The official, Joran Hagglund, said he believes Saab has three to five "serious" suitors. He said this might not be enough to save Saab, as the industry currently is in "freefall" and any buyers now may have several troubled carmakers to choose from.

In March Saab said it would lay off one fifth of its 4,100-strong workforce.

Saab said Monday it plans to roll out its new 9-3X model later this year, the 9-5 sedan in 2010 and the 9-4X in 2010.

Company Web site: www.saab.com, www.gm.com

-By Ola Kinnander, Dow Jones Newswires; +46-8-5451-3097; ola.kinnander@dowjones.com