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General Motors Corp. (GM) said Monday it could still avoid seeking bankruptcy protection, though key elements of its restructuring plan remain in flux.

The auto maker has just three weeks to resolve union and creditor discussions, finalize the fate of ailing brands and cull its U.S. dealer network.

"We need to move, and we need to move fast," said CEO Fritz Henderson on a conference call, as the company closes in on the June 1 deadline set by the U.S. administration. "We think there is still an opportunity for this to be done out of court."

GM shares were recently down 9.3% at $1.46, having earlier hit $1.40, the lowest level since early March.

With a deadline set for a planned bond exchange and union talks expected to continue up until the deadline, Henderson did indicate some progress on GM's slimmed-down brand profile.

He said GM is negotiating with two bidders on Hummer and continues talks to shed Saab and Saturn. He also confirmed the Pontiac brand will be wound down rather than sold.

GM dealers will learn this week if they are among those marked to close as it looks to shutter 2,600 of its more than 6,000 U.S. outlets.

Talks continue with the United Auto Workers to cut in half of GM's obligations to a $20 billion retiree health care trust in exchange for 38% of its equity. The two sides also are in talks over which U.S. factories will close.

Outside the U.S., the company is struggling as well. Henderson said funding needs in Europe, where losses are mounting and GM is looking to offload its Opel and Saab brands, are "urgent." Henderson said the company would consider holding a minority stake.

Henderson said GM has no plans to alter the debt exchange offer despite a broad dissatisfaction from bondholders. GM is offering to exchange 225 common shares for each $1,000 principal amount of outstanding notes.

The exchange will commence only if 90% of bondholders agree to the terms. Under the plan, if GM fails to get adequate participation, it will file for bankruptcy protection.

The automaker had been considering moving its headquarters out of downtown Detroit's spacious Renaissance Center skyscraper among cost cutting options, Henderson said. He said the relocation is no longer a priority.

-By Sharon Terlep, Dow Jones Newswires; 248-204-5532; sharon.terlep@dowjones.com.