New GM CEO Fritz Henderson said Friday that while he would prefer other options, bankruptcy is a more probable outcome of ongoing negotiations with the Obama administration over GM’s future profitability.

“I felt several weeks ago that it would be more probable that we would need to go through a bankruptcy process. I certainly feel that way. That continues today.” — Fritz Henderson, GM CEO

Henderson provided the insight into GM’s line of thinking as the first in what he promised would be a series of open dialogues ahead of the deadline looming at the end of May for GM to develop its final profitability plans. He reiterated GM’s commitment to its “four core brands”- Chevrolet, Cadillac, GMC and Buick- while keeping Pontiac as a “niche” brand. GM has already given the axe to Saturn, Saab and Hummer, and rumors abound that President Obama’s auto task force has further pressured GM to relieve itself of Pontiac and GMC. Henderson revealed that GM has received at least six offers for its European Opel brand, which it is also looking to offload during restructuring.

Henderson dismissed as “premature” reports that GM had been pre-approved for another $5 billion line of government credit in addition to the $13.4 billion it has already signed out from the taxpayers. He did say that $5 billion would be consistent with what GM had requested in February.

Henderson also gave an update on ongoing concessions talks with unions and bondholders, with which there is no agreement yet. Henderson said that concessions reached before February were made irrelevant when the Obama auto task force recommended “deeper and faster” cuts to achieve profitability.

Henderson likened the discussions with federal officials as similar to the private equity due diligence process. He became GM CEO when the Obama administration urged the firing of Henderson’s mentor Rick Wagoner from the GM CEO position.