its overblown - their pension problem will be solved as the retirees die off. yes, it will take time, but it will happen.
if this deal goes through - GM is gone.
The pension problem is overblown, IMO - the health care problem is not. Underfunded health care benefits for retirees dwarf the pension underfunding at GM and Ford (think 3 to 1). The pension underfunding could be solved overnight as both companies have more than enough cash on hand to eliminate the underfunding (though that might create other cash flow problems). Heck, last year Ford eliminated quite a large chunk of their underfunding even while losing money. And that's not counting pension changes pushed through this year which reduce future benefits (ie, make the gap smaller). Exxon made a fortune and hardly put a dent in theirs.