General Motors' top executive said Monday that it's more likely the company will file for U.S. bankruptcy than meet a June 1 government deadline to restructure.

In a conference call Monday, CEO Fritz Henderson said there was still hope that the company could restructure without a Chapter 11 bankruptcy filing but that there were many hurdles to overcome.

"Given the objectives that we've set for ourselves, it's more probable that we would need to accomplish our goals in a bankruptcy," Henderson said.

"Certainly the task that we have in front of us is large."

He said it was "more probable that we would need to resort to a bankruptcy process, but there's still an opportunity and still a chance for it to be done outside of a court process."

Henderson said Monday that if the company does file for bankruptcy in the U.S. it doesn't mean they'll do the same in other countries.

"As a general principle, I think our preference would be to avoid that," he said.

Henderson added that the company was looking at its operations "country-by-country" to determine where it may need bankruptcy protection.

To pay its current creditors, GM has been surviving on US$15.4 billion in loans from the federal government.

Henderson said the company is considering every aspect of the business, including the possibility of moving out of its Detroit headquarters.

Industry Minister Tony Clement echoed those sentiments and said that GM and its Canadian subsidiary could go into a "surgical" bankruptcy that would allow it to bounce back quickly.

Speaking in Toronto Monday, Clement added that bankruptcy isn't a foregone conclusion, and he said the government wants advance notice of any proceedings so parts suppliers can be protected.

As the U.S. deadline looms, GM is trying to get more worker concessions, cut dealers, shutdown plants and convince bondholders to exchange debt for company stock.

If GM files for bankruptcy, it will be allowed to continue operating while being protected from creditors.

In late April, Chrysler entered bankruptcy protection as part of its own attempt to restructure.

BNN's Michael Kane said an auto analyst told him Monday said it's "virtually inevitable" that GM will file for bankruptcy.

"Right now they're carrying too much debt, they have too many distractions and they can't focus on reorganizing the company in a proper manner," Kane said.

With files from The Canadian Press