No. The federal payola rescued the UAW from the consequences of bankruptcy. Union pensions were made whole. The union health plan was made whole. GM, however, was not "rescued from bankruptcy;" it went bankrupt. The shareholders lost everything. The suppliers and dealers were whacked. Management was purged. Everyone involved with GM took severe losses -- except the UAW. The parasite killed the host, and the government saved the parasite.
well said
Your recap is spot on.