CORRECTED-Axle working with law firm, mulls bankruptcy-sources

(Corrects to remove "and" from name of law firm in third paragraph)

NEW YORK/DETROIT, July 10 (Reuters) - American Axle & Manufacturing Holdings Inc (AXL.N) is working with legal advisers as it considers restructuring options including bankruptcy, two people familiar with the matter told Reuters.

American Axle declined to comment on whether it would consider filing for bankruptcy.

The auto parts supplier, which earlier this week obtained a waiver for its debt covenants through July 30, is working with the law firm Shearman Sterling as it considers debt restructuring options amid depressed auto sales and weak production, according to the sources.

American Axle has also reached out to General Motors Corp GMGMQ.PK, for assistance, two sources briefed on the effort said, although it was not clear what form any such aid could take and whether it would find support from the U.S. Treasury, GM's majority shareholder. (Reporting by Jui Chakravorty Das, Soyoung Kim and Kevin Krolicki, editing by Leslie Gevirtz)