General Motors Corp is in intense and earnest preparations for a possible bankruptcy filing, a source familiar with the company's plans told Reuters on Tuesday.

A plan to split the company into a new company made up of the most successful units, and an 'old company' of its less-profitable units is gaining momentum and is seen as the company's best configuration for the future, said another source familiar with the talks.

The sources asked for anonymity saying they were not authorized to speak on the record.

GM Chief Executive Fritz Henderson has said the company prefers to restructure out of court but could go to court if needed. GM declined to comment further.

(Reporting by Chelsea Emery and Soyoung Kim. Writing by Chelsea Emery; Editing by Derek Caney)

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