Can’t remember where I read it but I saw where the largest auto maker in China was looking to pick up GM’s U.S. manufacturing facilities if they go under. Given the price of GM’s stock someone could pick up the whole company for a little over $1 billion. The value of the buildings and equipment have to be worth more than that.
The buildings are probably worth more than that, but whoever buys the company will also be stuck with all the union contracts and obligations, which is what is driving the stock down. A Chapter 7 liquidation may be needed in order to eliminate the UAW.