I agree...bankruptcy for GM and Ford and renegotiating contracts is prerequisite for returning to a healthy and profitable capitalist society.
That's likely to be insufficient. If the same UAW members are retained with reduced wages, the most likely outcome will be that they sabotage the company and drive it out of business. You would have to almost start over, with nearly 100% new hourly employees and no union permitted.
In the world of unlimited Democrat power, the most likely outcome will be:
1. unlimited bailout for GM and Ford with current UAW contracts in place but the shareholders and management taking major hits. Under government management, GM and Ford will build cars that no one wants to own, so losses will continue at astronomical levels into the indefinite future. When the economy turns around (despite Zero's best efforts to keep it down) GM and Ford will have unsalable products and hence will not ever get off the dole. (Management deserves some of the hits.)
2. To "level the playing field" the other automobile companies, such as Toyota, will be required to recognize the UAW and their employees forced to join the union.
Jack