Plainly, whatever company emerges from this turmoil will have fewer employees working for more sensible wages and fewer Cadillac-style benefits. Right now the argument has been that no one will buy cars from a company that files for bankruptcy. But if you had to bet, which offers the best chance for a brighter upside: a company that restructured under Chapter 11 or one restructured with the help of Congress and the White House?
Read the rest of William McGurn's article on the reason for Chapter 11.
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