WASHINGTON - A healthcare agreement struck between Ford Motor Co and the United Auto Workers would not work for General Motors Corp, GM's chief executive said on Tuesday.

Rick Wagoner also told a meeting of newspaper reporters and editors that restructuring the company out of bankruptcy was still the best option for the ailing automaker, according to a spokesman.

Wagoner said the Ford agreement does not meet our needs and the company was working with the UAW to do something different.

GM and Chrysler LLC are required to make wages and benefits paid to U.S. factory workers competitive with those at Toyota Motor Corp (7203.T) and other Japanese automakers under the terms of their government bailouts.

The Ford agreement, ratified this month, also restructures funding of a union retiree healthcare trust, a deal that has eluded both GM and Chrysler.

GM and Chrysler have reached tentative agreements on some issues, but have not released details. (Reporting by John Crawley; Editing by Andre Grenon)