General Motors Corp. says a bankruptcy strategy dividing the company into good and bad parts, a plan Chrysler LLC currently is executing under Chapter 11 protection, now appears most likely.

GM makes the statement in an updated regulatory filing for a bond exchange it launched last month.

The document reiterates GM’s intention to pursue a bankruptcy if its debt-for-equity proposal proves unsuccessful. One form of relief could include a plan to “sell most or substantially all of our assets…to a new operating company, and subsequent liquidation of the remaining assets,” the original filing says.

However, the auto maker now adds, if it pursues bankruptcy, dividing the company into two parts “would be the most likely” form of relief. Under such a scenario, it is believed GM would keep “good” parts, such as the Chevrolet and Cadillac divisions, and shed “bad” parts, such as the Hummer and Saab brands. Both of those units, as well as Saturn, are up for sale with multiple bidders.

Chrysler entered bankruptcy on April 30 and is pursuing a similar strategy, shedding underperforming assets and selling the valued ones to Italian auto maker Fiat Auto Group.

GM has said it prefers to restructure out of court and go to market in the future with four brands – Chevrolet, Cadillac, Buick and GMC – but a June 1 government-imposed deadline to reach new agreements with bondholders and the United Auto Workers union is less than two weeks away.

The auto maker filed the revised prospectus, which includes updated financial information, after the markets closed Thursday.

Meanwhile, European Opel dealers reportedly have agreed to pursue a 15% stake in the German auto maker if it is successfully spun off from GM. The dealers say they would seek representation on the board of a reconstituted Adam Opel GmbH, according to a report in today’s Wall Street Journal.

The 4,000 unified dealers would contribute E500 million ($680 million) to the Opel bailout through a levy on new-car sales.

The two leading bidders for Opel – Fiat and Canadian parts-supplier Magna International Inc. – must submit a takeover plan for Opel to the German government by May 20.