General Motors ( GM - Get Report) executives unloaded more than 200,000 shares of the troubled automaker in the past few days.

Retiring Vice Chairman Bob Lutz sold 81,360 shares at $1.61 each, for proceeds of $130,990. Vice Chairman Thomas Stephens and Group Vice Presidents Carl-Peter Forster, Ralph Szygenda, Gary Cowger and Troy Clarke sold smaller amounts, at prices ranging from $1.45 to $1.61. The total number of shares sold was 205,000.

GM has received $15.4 billion in government loans and faces a June 1 deadline to finish restructuring or go into Chapter 11 bankruptcy protection. Chief Executive Fritz Henderson said Monday that bankruptcy is more probable.

GM shares closed Monday at $1.44, down 17 cents.

This article was written by a staff member of TheStreet.com. Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.