GM Readies Viability Plan: Report

Updated from 12:51 a.m. EST

General Motors (GM Quote) was racing to finalize a plan to take to Congress with hopes of securing a federal rescue loan, according to a published report.

At the same time, directors -- unlike CEO Rick Wagoner -- are also insisting that all options stay on the table, including a Chapter 11 bankruptcy filing, if a bailout doesn't come through, the Wall Street Journal reports.

GM, along with Ford(F Quote) and Chrysler, is working to secure $25 billion in loans needed to keep the automakers afloat. Last month, the companies were turned away by Congress, which told them to come back this week with proof that federal funds wouldn't be wasted on a failing business plan. ...