Another possibility is for a "good" GM and a "bad" GM to be sepparated in court, and anything loosing money be heaped into the "bad" GM and liquidated. Good GM survives and moves onward without the debt dragging it down.
http://articles.moneycentral.msn.com...n-survive.aspx
This could also help them get rid of some really awfull dealers (not all, but some definitely need to go) without the threat of a lawsuit - and also enabling GM to bypass state franchise laws.