Maybe you aren’t aware that there is no money available for solvent companies, let alone poorly performing ones. If GM, Ford, or Cerberus declare bankruptcy, they will likely be forced into Chapter 7 (liquidation), not Chapter 11 (reorganization).
Agree jt, the odds of a union by itself successfully reviving a firm they helped destroy is equal to the devil having to shovel snow. I mention these examples of succes because the brightest talent in the company needs to be retained and costs brought in line for the new reality.