*What: GM Q1 results Thursday

*Analysts on average expect a $11.05/share loss ex-items

*Results to be last under current capital structure

By Kevin Krolicki

DETROIT, May 6 (Reuters) - General Motors Corp GM.N is expected to report a deep loss on Thursday for the first quarter in its last earnings report before the deadline for a restructuring that would wipe out current shareholders.

GM is facing a government-imposed June 1 deadline to reach agreements to overhaul its operations and cut more than $40 billion in debt.

GM said in a statement on its website that global vehicle sales fell 28 percent in the first quarter, led by a 47 percent decline in North America.

The quarter also coincided with GM's failure to win new federal backing for a turnaround plan that the Obama administration's auto's task force concluded was too slow-moving and too cautious to succeed.

In its punishing first quarter, the Obama administration ousted former Chief Executive Rick Wagoner.