New York - Threatened US carmaker General Motors Corp posted a quarterly net loss of 6 billion dollars on Thursday, its eighth quarterly loss in a row.

GM's loss figure for the same period in 2008 was 3.3 billion dollars, and total losses since 2005 amount to 88 billion dollars. Analysts had feared even worse quarterly news this year. Losses per sharing amounted to 9.66 dollars.

Quarterly revenue dropped by 47 per cent, to 22.4 billion dollars. The largest US carmaker, surviving with a 15.4-billion-dollar government lifeline, is threatened with bankruptcy. The company could end up in court as bondholder are resisting a plan that would exchange their 27 billion dollars in debt for a minority stake in the company, Bloomberg financial news reported.

US President Barack Obama has given GM an ultimatum of June 1 for a new restructuring plan to be implemented.

Chief executive Fritz Henderson has said that if bondholders do not approve its plan, the company would be forced to file for bankruptcy.

On Thursday, Chief Financial Officer Ray Young said if it comes to a bankruptcy filing, the company would try to come in and out quickly."

Rival Chrysler LLC, which had received 4.5 billion dollars in government loans, last week ended up in bankruptcy reorganization after failing a government test.

GM is working to rid itself of five of its car lines in an effort to prove its financial viability before the deadline. On Thursday, Young said a partner would be found for its European-based Opel by the end of the month. Italy's Fiat and Austria's Magna have both expressed interest in the brand.

Other brands to be shed include Saturn, Hummer and Saab. GM has already sounded the death knell for its line of Pontiac muscle cars.

The threat of bankruptcy has scarred away many potential car buyers, Young told reporters after earnings were released. Production was down 40 per cent for the quarter to 900,000 vehicles as worldwide market share fell to 11 per cent from 12 per cent.