In a morning teleconference with journalists reported by Automotive News Fritz Henderson, newly appointed General Motors CEO, said no decision has been reached about a filing for bankruptcy protection although preparations are being made should that move become necessary.

"We have until June 1, and if we can't do it between now and June 1 then we do it in bankruptcy," said Henderson, who assumed leadership of the troubled automaker when Rick Wagoner was asked to leave by the Obama administration.

"This would be one that management and the (U.S.) Treasury would decide together," said Henderson. "The Treasury would be a key player in that decision." He added that he does think a bankruptcy is probable.

"Our preference is to accomplish this outside of bankruptcy," he said. "Our overall objective is to accomplish our goals. If it can't be done outside of bankruptcy, then we'll do it inside. But our overall preference is to do it outside of bankruptcy."

Confirming more stringent cost cutting, Henderson said, "We have to go deeper. As our plan gets finalized and we talk to the people who are affected by it, this is something we plan to get accomplished by June 1, so you'll see this happen over the next six weeks."

GM is in ongoing talks with bondholders about restructuring $28 billion in unsecured debt and is negotiating with the United Auto Workers union over the terms of its $20 billion obligation to the union for retiree health care.