General Motors (GM) said on Monday it does not rule out the possibility of filing for a bankruptcy protection.

U.S. President Barack Obama announced details of the auto industry rescue package at the White House Monday, giving the biggest U.S. auto maker 60 days to restructure further.

"Our strong preference is to complete this restructuring out of court. However, GM will take whatever steps are necessary to successfully restructure the company, which could include a court-supervised process," GM said in a statement.

Obama said that company creditors, shareholders, workers, dealers and suppliers will be expected to make more sacrifices. His administration may use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs.

(Xinhua News Agency March 31, 2009)