[widgeon13]

Why would it not emerge, bankruptcy (Chapter 11) only protects the company from creditors and allows for restructuring. Most likely the unions would give major concessions to allow GM to continue to operate but in a different form (smaller, more efficient) and the unemployment (as you mentioned) would be monumental, not only at GM but in supplier industries. Think it was on Bloomberg radio today that I heard that the auto industry constitutes 20% of GDP and I would imagine GM is a big piece of that 20%. I'm not an advocate of a bailout so I guess merging with Chrysler might be the best alternative.