If they file Chapter 11 and reorganize like Kmart did, it would screw the remaining shareholders but like Kmart they would survive. Kmart bought Sears within a very short period after Chapter 11. Must not hurt business much.
Taxpayers should not have to pay for this mess. The auto industry with unions would be in the same mess in short order. Let the unions that bought the election buy the industry out of this mess.
This is exactly what has to happen. One way or the other someone's going to get screwed. Any notion that the companies can be saved by more loans from the taxpayers is PURE FICTION.