For all the benefits, and I DO acknowledge those benefits......I still would not risk going Chapter 11 unless
guaranteed that the company will come out the other side and not shunted into the Chapter 7 waiting line.
They can do everything with loans and time that bankruptcy will do for them...and it'll be done minus the negative stigma and looming risk of a Chpt. 7 filing because "oops, we didn't figure it'd be this bad...".
Also -- nobody's mentioned this (I don't think), don't believe that bankruptcy will be somehow more financially responsible to the taxpayer...Quite the opposite. It will take MORE money, on the order of hundreds of billions to revamp GM the way some of you are talking.....and those won't be loans.:(