Updated from 12:51 a.m. EST

General Motors

(GM) - Get Report

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) - Get Report

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.

GM management is working with the company's board to deliver its latest revival plan. GM is expected to outline proposed fixes to the company's ailing North American operations and a restructuring of its balance sheet, according to the

Journal

. Dwindling liquidity is forcing GM to weigh several options for its business, including an offer to some bondholders asking them to exchange debt for equity. Executives are also once again considering killing or selling brands, and cutting even more North American production capacity. GM's plan could become known as early as Tuesday in public filings, the newspaper reports.

"Everything is on the table," the Journal quotes a person familiar with the board's thinking. Following Wagoner's poor performance in Washington last month, the board began meeting more and taking more seriously its obligation to investigate other options.

Wagoner has said that a filing for Chapter 11 bankruptcy protection isn't a viable option, insisting the auto maker would collapse because consumers won't buy from a car from a company in bankruptcy and obtaining financing would be nearly impossible.

Members of GM's board agree with Wagoner's concerns about revenue while in bankruptcy, but directors have said they will consider all options as they become necessary, the

Journal

reports.

GM's shares were up 49 cents at $5.73 in early trading Monday. Ford was gaining 28 cents to $2.97.

This article was written by a staff member of TheStreet.com.