The plan, which will shrink and transform an iconic American company, built upon a Dec. 2 submission to Congress that provided a restructuring framework. The plan analyzes the bankruptcy possibility but focuses on restructuring with global cuts that hit workers, dealers, bondholders and facilities. Under the plan, GM would become sustainable and profitable within 24 months.

'We believe bankruptcy would be highly risky and a very costly process, potentially very time consuming and should only be undertaken as a last resort,' said GM chairman and CEO Rick Wagoner.

New details call for:

• Continuing talks with dealers about the future of Saturn, which could be eliminated in 2011 unless dealers offer an alternative.

• Eliminating 47,000 workers -- 37,000 hourly and 10,000 salaried -- around the world this year, including 20,000 workers in the United States. In GM's Dec. 2 submission to Congress, the automaker said it would cut up to 31,000 jobs.

• Shuttering five more plants in North America, bringing the total to 14 plant closures within the next three years.

• Eliminating the Hummer brand by March 31 if a deal is not reached with prospective buyers.

• Reorganizing Saab as early as this month if a deal cannot be reached with the Swedish government. That would leave GM with four core brands: Chevrolet, Cadillac, GMC and Buick.

An effort is under way to spin off Saturn. A team of Saturn officials, dealers and consultants expect to have a framework within 60 days for a new company that could partner with an outside manufacturer, possibly a foreign one, to build Saturn vehicles, said Dan Jonuska, a Scottsdale dealer who has been meeting with GM about the brand's future.

'It sounds a little pie in the sky, but we're pretty excited,' he said late Tuesday. 'Maybe this is the best thing that's ever happened.'

GM's cash needs have grown as the industry sales market has tanked. GM sought $18 billion in aid before former President George W. Bush approved $17.4 billion for GM and Chrysler LLC late last year.

GM told Congress that it could need $15 billion by March 31 if the U.S. sales rate fell to 9.9 million vehicles a month on an annualized basis in the first quarter. The rate fell to 9.6 million in January.

In its new plan, GM lowered its break-even point in the North American market to a sales rate of 11.5 million to 12 million vehicles from 12.5 million to 13 million.

In its original loan request, GM assumed it would be able to refinance a $4.5 billion revolving credit line that's due in 2011. But it no longer believes that would be possible as credit markets have dried up amid the global economic crisis.

Consequently, GM is asking for $4.5 billion in additional loans, plus a $7.5 billion revolving line of credit if the market continues to deteriorate.

In the plan, GM concluded the amount of financing needed for bankruptcy would dwarf the $30 billion in aid the automaker has requested and the process would take too long.

'The plans don't contain many surprises: The core of the loan request is that each company still has a viable business that is going through some cash flow issues,' said Jesse Toprak, senior analyst at Edmunds.com. 'Expecting Chrysler and GM to create massive restructuring plans within a matter of a few weeks during some of the most volatile market conditions in history was simply not realistic.'

Wagoner said GM might need additional loans in 2013 and 2014 depending on the valuations of its pension obligations. GM's pensions were underfunded by $13 billion at the end of last year.

GM has until March 31 to make progress on the plan, particularly in extracting concessions from the United Auto Workers and bondholders. If GM fails to show sufficient progress, the Treasury Department could recall the loans, forcing bankruptcy.