The Obama administration may send General Motors Corp. into bankruptcy next week, giving the company billions of dollars in bailout funds to re-emerge as a viable firm, sources familiar with the matter told the Washington Post.

Under the plan, GM would receive just under $30 billion in additional federal loans, the source said.

The figure is not yet final, depending on negotiations and the timing of the filing the source noted.

GM could avoid bankruptcy if it renegotiates a deal with investors who currently hold $27 billion in bonds of the company.

The administration had previously set a deadline of June 1 for GM to resolve its differences.

Last month, the U.S. moved GM rival Chrysler into bankruptcy. Chrysler also faced a similar challenge with bondholders who would not agree to negotiate on terms favorable to Chrysler.