Bankruptcy continues to be “more probable” for General Motors as it races to cut brands, dealers and factories to meet a government-imposed June 1 deadline to restructure its business.

“I certainly think today that it’s more probable that we would have to resort to a bankruptcy process,” Henderson said in a wide-ranging conference call with reporters Monday morning.

He said a Chapter 11 filing might not force its other global operations into bankruptcy.

“At this point, the analysis is still being done country-by-country,” he said.

Henderson made similar comments two weeks ago when the automaker announced sweeping cuts, including the shuttering of its performance-oriented Pontiac brand.

GM continues its dialogue with the UAW and its bondholders, Henderson said.

The automaker is negotiating with two parties to sell its Hummer brand and hopes it get a deal done by the end of May. A “number” of parties are interested in Saab, which is in reorganization Sweden. Talks also continue on Opel, which has been pursued by Fiat, and Saturn, which has attracted interest from Detroit businessman and IndyCar team owner Roger Penske.

Henderson said GM remains open to a number of options as it tries to jettison brands, including the sale of factories to a potential buyer for Saturn. He also said GM would sell its Wilmington, Del., plant, which builds the Saturn Sky and the Pontiac Solstice--two eye-catching performance coupes--if a buyer specifically wanted those niche products, similar to what Chrysler offered with its Dodge Viper business.

“If someone were to approach with a proposal that made good sense for our people, we’d be open to it,” the GM chief executive said.

Henderson also wouldn’t rule out a move of its global headquarters in Detroit, though he said it has no plans to leave the city, where its operations are based in a soaring glass office building/hotel complex downtown.