The axe may fall on Pontiac and GMC, as part of cost-cutting and restructuring at parent GM.

Bloomberg is reporting that General Motors may call it quits on Pontiac and GMC. The two brands would be dumped as part of GM's restructuring plan, a plan due in to the Obama administration by June 1. GM has been working on a new plan directly with members of the President's staff since they were told their first draft was not enough.

The Obama staff also demanded the resignation of former CEO Rick Wagoner, if bailout talks were to continue further.

Despite the possible fates of Pontiac and GMC, Bloomberg is also saying Buick, Chevrolet, and Cadillac are likely not in danger of the chopping block. Either the death, or sell-off, of Hummer, Saab, and Saturn is also a likelihood. Black Oak Partners private equity firm is believed to be in talks about Saturn assets and dealerships. Several suitors are supposedly pitching GM for Hummer as well. Bids for that division have not topped $200 million.

The Big Three automaker has already taken $13.4 billion in bailout loans, approved by the Bush administration. The former President also approved an additional $4 billion for the company. However, since that time, Chapter 11 bankruptcy has begun to emerge as the most likely outcome for the company. A decision on bankruptcy should come as the new restructuring plan develops in the coming months.