General Motors Corp. (GM) Chief Executive Fritz Henderson will announce revisions to the auto maker's viability plan on Monday, an update that comes as the company readies a debt swap offer for unsecured bondholders.

Henderson and other top executives are expected to disclose moves to accelerate cost-cutting, including further changes to GM's brands and details of plans to close more factories.

The company faces a June 1 deadline to restructure or file for bankruptcy after the Obama administration shot down the company's Feb. 17 viability plan as insufficient.

GM has since been racing to cut "deeper and faster" and cut deals with bond holders and the United Auto Workers to slash the company's debt. GM owes $27 billion in unsecured debt.

And the company owes the UAW $20 billion for a union-run trust fund to cover retiree medical care.

Last week, sources said GM was planning to shed its money losing Pontiac brand as part of accelerated restructuring.

The company is surviving on $15.5 billion in federal loans, after disclosing late last year the company could no longer survive on its own after years of losses and economic turmoil that sent auto sales skidding and cut off access to credit.

GM had been aiming to launch the debt swap by Monday so it would be complete by June 1, when a $1 billion debt payment comes due. GM last week said it didn't plan on making the payment. If the debt exchange is not complete by then, the company would be in Chapter 11, Chief Financial Officer Ray Young said last week to the Wall Street Journal.

Henderson will be joined on Monday at 9 a.m. by Young; Troy Clarke, group vice president and president, GM North America; and Mark LaNeve, GM vice president, vehicles sales, servicing and marketing.

-By Sharon Terlep, Dow Jones Newswires; 248-204-5532; sharon.terlep@dowjones.com