It's impossible to tell exactly what would have happened in a bankruptcy, but the entire company would have almost certainly been restructured, which would have

It's impossible to tell exactly what would have happened in a bankruptcy, but the entire company would have almost certainly been restructured, which would have meant generally clearing out the dead wood: shuttering factories, renegotiating anachronistic/extravagant union contracts, etc. Coercing private citizens to pay for mismanaged companies and subsidize the gold-plated pension benefits of Baby Boomer employees is utterly immoral.