Putting Chrysler aside, I think this GM stuff should be, if not neutral, a net positive to the markets. It's crystal clear that they are going to support GM, so no matter what happens, bankruptcy or not, there should be very little disruption in the operations at GM either-way.
Adding to my previous post, I think it's obvious why one would prefer agreed to concessions versus forced mandates. People do tend to respond better when they are party to the decision making process even if the outcome is at a cost to them. This may make a fool of me, but If I had to bet on bankruptcy or not, I think I would bet not (for GM).
Yours
Jack River