Morton's Bakery could be rescued by a group of investors, according to a local MSP.
The Glasgow business ceased trading late last week, putting 250 jobs at risk.
It supplied baked goods to many businesses across Scotland, including Aldi and Lidl.
Since entering administration on 3 March, calls have been made for the firm to be rescued, with the latest potential saviour coming in the form of one or more angel investors.
Paul Sweeney, a Labour MSP for Glasgow, said he had engaged in talks with investors who are prepared to buy the company.
"I've had a positive discussion with angel investors who are prepared to buy Mortons ... time is of the essence to secure the factory lease and jobs, so I have requested that Scottish ministers engage with the investors within 24 hours," he tweeted yesterday.
Later on, he updated: "I held positive talks with the government today and they have agreed to meet with the investors aiming to save Mortons and protect the jobs at the factory.
"It's now for the government to ensure that a deal is done and this famous Glasgow brand can survive for decades to come."
The government-led PACE scheme, which supports workers facing redundancy, has already been mobilised to support Morton's employees staring down redundancy.
Business Minister Ivan McKee responded: "I had a constructive meeting with Paul Sweeney MSP and Bill Kidd MSP to discuss how the Scottish Government can further support those at risk of redundancy and to consider suitable next steps."
Glasgow City Council leader Susan Aitken said that officers are working to establish why the bakery, which was two months late in declaring its most recent accounts, went under "out of the blue".
She said this week: "A closure and job losses on this scale is a big blow to the local community and swift action is needed to mitigate it.
"Glasgow City Council has reached out to Mortons management and I urge them to engage closely with us for the sake of their workers."
The bakery was founded by Bob Morton and Jim Clarke in Anniesland in 1965, and was estimated to have produced over two million rolls every week from its most recent base in Drumchapel.
The company collapsed under the weight of debts in 2006, but was brought back under new ownership in 2008.
Workers were told last Friday that they could lose their jobs, with a letter reading: "Whilst no final decision has been taken, every employee of the company is receiving this letter as all jobs are at risk."
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