GM says Chrysler-like sale most likely form of bankruptcy

DETROIT (Reuters) - General Motors Corp GM.N on Thursday said that if it files for bankruptcy it would most likely pursue a quick sale of its best assets out of court protection similar to the process now reshaping Chrysler LLC.

The disclosure, which came in a filing for U.S. securities regulators, marked the first time that GM said it would most likely pursue the same legal strategy that Chrysler is using under federal oversight to slash its debt and dealerships.

GM faces a June 1 deadline to restructure its bond debt and reach a sweeping new deal with its major union.

The automaker repeated in its Thursday filing with the U.S. Securities and Exchange Commission that it expected to file for bankruptcy if not enough of its bonds are tendered in exchange for shares by that deadline.