General Motors said Friday it will begin liquidating its Saab arm, even while accepting bids for the Swedish subsidiary.

The U.S. automotive company hired New York corporation restructuring expert AlixPartners LLP to start closing plants and selling assets in a process that "is expected to take several months, and will ensure that employees, dealers and suppliers are adequately protected," GM said in a news release.

GM has announced start of Saab liquidation (CBC)

The American carmaker, said, however, that it would keep looking at new bids for Saab in the interim.

Saab story

GM, which underwent its own massive restructuring in 2009, has been trying to dump its Saab operations for months.

The 60-year old Swedish car company has a huge plant in Trollhättan, in southwestern Sweden, and employs 3,400 people. But Saab generally loses money, a factor that GM could not ignore as the American company struggled with its own cash crisis, experts said.

"GM is enormously vulnerable financially, having just come out of bankruptcy," car expert Paul Horrell wrote in December. "It can’t afford to prop up the loss-making Saab any longer."

Despite its losses, Saab has drawn interest from potential buyers. Swedish carmaker Koenigsegg and Dutch auto manufacturer Spyker both made bids for Saab in 2009. But both backed out of a potential deal at the last minute, citing financial issues.

Union complaint

One of Sweden's major trade unions, IF Metall, took GM to task for its announcement Friday, arguing that starting the process of closing Saab operations would essentially doom any buyout of the subsidiary.

"It is irresponsible of GM to move at the same time in two different directions — both toward a sale and a wind-down — in the current situation," Stefan Lofven, chairman of the Industrial and Metalworkers' union, said in a statement.