Today is the final day for potential buyers of telecommunications company Quantum Communications to submit their offers.

Operations of the trouble-stricken company have wound down in recent weeks and until the end of April only four employees are still working -- three in network services and vice president of finance and administration William DeSilva.

Former company president Jim Sullivan left Bermuda several weeks ago. As the company edges toward possible collapse if a buyer is not found, Bermuda's experiment with competition in local telecommunications seems it may have failed.

It was exactly one month ago that the announcement was made that Quantum -- originally set up to compete with BTC in the supply of local telephone service -- was being offered for sale by its current shareholders.

Only 50 customers, all corporate, had signed up with Quantum in its first 18-month period. During that time legal wrangling with BTC over the wording of the relevant legislation dragged on. The company's 16 employees, 12 of them Bermudians, were given notice a month ago that their employment was to be terminated by today. Belco Holdings Ltd. and Cable & Wireless hold about 45 percent and 35 percent respectively of Quantum equity.

A spokesperson for majority shareholder Belco Holdings Ltd. said on Friday it was too early to predict whether a buyer for the company would be found.