If the troubled automaker can't reach a deal with labor and bondholders by June 1, the government wants it to be ready for a bankruptcy filing.
Even the company's new CEO is signaling the bankruptcy is probable if agreements aren't made.
The company is hoping for quick "surgical" bankruptcy to protect its image and prevent sales from permanent damage.
Liquidating all of GM's bad assets could cost as much as $70 billion in government financing.
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