Updated from Thursday, Dec. 11

General Motors ( GM) has hired advisers to help it decide whether to file for bankruptcy, a published report said Thursday.

The Wall Street Journal, citing people who had knowledge of the situation, said GM has retained Harvey Miller of the law firm Weil Gotshal & Manges in New York. Additionally, the Detroit-based carmaker has consulted with restructuring experts Jay Alix, Evercore Partners' William Repko and Blackstone's ( BX) Arthur Newman, the report said.

GM, along with Ford ( F) and Chrysler, has been trying to get Washington to hand out billions of dollars in aid to the auto industry. But a $14 billion emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts.

Detroit's carmakers have said repeatedly in recent weeks that they are opposed to Chapter 11 filings, and many politicians have been on their side, fearing that bankruptcy for any of the Big Three would have far-reaching consequences for nationwide employment and the overall economy.
This article was written by a staff member of TheStreet.com.

If you liked this article you might like

Driving This Beastly Cadillac CTS Reminded Me That Sexism Is Alive and Well

Tesla Headlines This Lineup of 12 Amazing New Cars for 2018

How to Travel in Style Exactly Like Billionaire Warren Buffett

Tesla Model 3 Waiting List Is Insane Just Like These Other Hot Cars

Volkswagen Tiguan Named Top Compact SUV Under $35,000