Delta Airlines went through Chapter 11 and came out of it just fine and is now in the process of merging with Northwest Airlines.
Pouring good money after bad at GM would be a huge mistake. They need to make the changes to stay competitive and build good cars that can compete. The Unions have driven them into the ground.
My first suggestion would be to lose the corporate jets and fly commercial. Would help the economy by saving jet fuel and giving the airlines money for first class seats as we cannot expect them to fly coach! :)
By fine do you mean degraded service and persistently nickel and diming the customer for everything is “just fine”?