Although GM has not commented on the report, Automotive News cited "two sources with knowledge of the matter" who said on Wednesday, April 8 that three bidders remain in contention to purchase General Motors' Hummer, line with offers ranging from $100 million to $200 million in cash and other commitments.

A spokesman for GM, Nick Richards, said, "We have received several strong bids for the brand and those are in the final stages of review. We are cautiously optimistic that we will report a favorable outcome to sell the brand in a very short time period."

GM's original intent had been to announce the fate of Hummer on March 31, but that timetable was dislodged due to the departure of CEO Rick Wagoner from the company.

According to the unnamed sources, none of the bidders are automakers and only one is from the United States. They apparently include private equity and wealthy individuals.

The buyer would assume all GM's liabilities for the company's 125 Hummer dealers in the U.S. and committed to future investments in engineering, marketing, and sales. The Hummer H3 plant in Shreveport, LA will not be part of the deal and GM will continue to build the H3 there and supply it to the new owner.

Since 2005, GM has suffered losses totaling $82 billion. The company is currently operating on an infusion of $13.4 billion in federal loans and is asking for an additional $16 billion.