DOW JONES NEWSWIRES

General Motors Corp. (GM) said Monday it is moving ahead with plans to sell its Saturn brand after receiving interest from multiple suitors as the ailing auto maker looks to secure an agreement later this year.

Numerous parties had already made their interest public, including a group that include a number of Saturn dealers, after GM said it might shut down the brand.

GM's shares were recently up 3.9% at $1.88 in premarket trading.

The auto maker faces a June 1 federal-government deadline to have a suitable restructuring plan in place or face a bankruptcy filing. Chrysler sought projection Thursday as it works to stay afloat.

GM is looking to focus on four core brands, closing Pontiac and possibly selling Hummer and Saab along with Saturn. The long-underperforming brand was created in the 1980s in part to help GM deal with competition from Japanese auto makers.

-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089; kerry.grace@dowjones.com