I think “bankruptcy clean-up” is a euphemism for bailout/government takeover.
The administration is going to keep spinning what happened as a “new model” for handling failing companies, and to show supposedly how “quickly” Big Gov can turn around a business, “unlike the private sector”. The IPO will probably go forth right before the elections.
Like everything else (Obamacare accounting, jobs “created or saved”, etc.) there is a lot of fudging here, as the article explains. But the general public senses this I think, because it doesn’t seem to comport with the everyday economic realities that most folks face...
The two are distinctly different. You had the bailout, which only delayed the bankruptcy.