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Their biggest problem in my opinion is the lack of flexibility. If they need less workers, they still have to pay almost the same amount of money for people to sit at home, or worse yet, they have to buy people out of the contract. They definitely took care of a big part of the problem, but the reason they are out of cash today is because of the cost of employees that are not working and the inflexibility they have to lower production.
The big 3 still have to come up with billions to meet their end of the contract as a one time payment to the UAW, so there is more cash out of pocket that they don't have.
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