When International Harvester went under (the totality of which took a couple of decades) they had assets of value. GM didn't.
When it comes to GM there's no there there!
NOTE: first time the new management and the union had the chance they rewarded each other with bonuses. No rational observer of America's automotive industry could possibly imagine anything other than dissolution and disposal of assets as the next step.
Way back in 2002 or 3 right before Delta went bankrupt I read an article talking about underfunded private pensions. Delta's pension debt was the largest compared to market cap, but GM's was the largest in total dollars.
GM is destined to fail again.