Glenshee went into administration in May

The Glenshee Chairlift Company, which also runs the Glencoe Ski resort, went into administration in May with losses of about �1m over two years.

The sale of Glencoe to a preferred bidder is expected to be completed soon and the closing date for offers on Glenshee passed on Friday afternoon.

The receivers, KPMG, said the bids were being reviewed and a preferred buyer would be announced later.

The details and the number of bidders could not be revealed for reasons of confidentiality but there has been speculation about a management buy-out at Glenshee.

The resorts, which were put up for sale in February, suffered combined losses of approximately �1m in 2002/03 and 2003/04.

Glencoe sale 'imminent'

Delays in sale talks eventually forced the chairlift company to call in the receivers.

Offers for the company's other business, Glenisla Golf Course, near Alyth in Perthshire, also closed with the deadline.

Meanwhile Glencoe is expected to be sold to a preferred bidder, Glencoe Mountain Resort Ltd, imminently.

Glenshee had operated in its current structure since 1961, providing facilities for up to 6,000 skiers and snow boarders per day.

Glencoe, Scotland's first commercial ski area, provides skiing over an area of 200 hectares.