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[Endymio]

Most bankruptcies don't involve companies with three times the debt as their total physical assets.

LOL, what? I personally can name several where debt exceeded equity by TEN times or more. That's the entire point of a restructuring ... most of that debt effectively vanishes the moment the bankruptcy is declared.

GM/Chrysler were "well" beyond a basic restructuring

Except a basic restructuring is **exactly** what they went through ... just one managed by the federal government, instead of a traditional bankruptcy court.

...and without a line of credit the job losses would have been easily in excess of a million

Again: the moment they declared bankruptcy, credit lines would have been readily available to them, as their financial position would shift instantly that bankruptcy was declared.

the government getting involved saved around 1 Million jobs

Except that never happened. Profitable factories don't stop operations when a bankruptcy is declared. In fact, the bankruptcy court would have demanded they remain open, to generate revenue for the restructuring.