GM General Motors Corp. says it may offer current shareholders a reverse stock split where they would receive one share of new stock for every 100 shares they currently own.

The automaker says in a filing with the Securities and Exchange Commission that the deal would be part of an agreement with the Treasury Department to swap at least half of GM's debt to the government for company shares.

According to the filing, negotiations for the debt swap are still underway but the government would own at least 50 percent of the company.

GM has received $15.4 billion in government loans and faces a June 1 deadline to restructure or be forced into Chapter 11 bankruptcy protection.