L1A will Expire soon. Can we apply for GC after expiry, while on I-94?

[sureshkc75]

Dear All,
Currently I am on L1A Visa, Valid till 06th Oct 2013 & I -94 is Valid till Apr 2015.

Please help me with the below questions.
1. Company is not ready for renewal & has concerns if it gets denied so their suggestion is to stay on I-94 till completion of project?.
2. Can we apply for GC after the expiry of L1A visa, While on I-94 Status.

Thanks & Regards,
Amar