General Motors Corp on Thursday said that if it files for
bankruptcy it would most likely pursue a quick sale of its best assets
out of court protection similar to the process now reshaping Chrysler

The disclosure, which came
in a filing for U.S. securities regulators, marked the first time that
GM said it would most likely pursue the same legal strategy that
Chrysler is using under federal oversight to slash its debt and

GM faces a June 1 deadline to restructure its bond debt and reach a sweeping new deal with its major union.

automaker repeated in its Thursday filing with the U.S. Securities and
Exchange Commission that it expected to file for bankruptcy if not
enough of its bonds are tendered in exchange for shares by that