[SovietDissident]

It's impossible to tell exactly what would have happened in a bankruptcy, but the entire company would have almost certainly been restructured, which would have meant generally clearing out the dead wood: shuttering factories, renegotiating anachronistic/extravagant union contracts, etc.

Coercing private citizens to pay for mismanaged companies and subsidize the gold-plated pension benefits of Baby Boomer employees is utterly immoral.

[maxerickson]

If you click the link I gave up there, you'll see that it was reorganized in a bankruptcy.