You don't understand that in bankruptcy, the people that are owed money by GM will receive pennies on the dollar... GM's suppliers can NOT survive like that. They are already in a huge bind as it is. It's not just the bankruptcy of GM... that would cause all these other supplies to follow suit. If those suppliers go, then other automakers will be greatly effected also. Again, domino effect.
Oh yea, and no one is expecting for GM to keep all it's employees - but laying off XX,XXX number of people to keep X,XXX,XXX employed is what it's gonna take.