Five Reasons GM Won't Declare Bankruptcy - Forbes.com

From Forbes.com: 5 Reasons GM Won't Declare Bankruptcy

Don't put too much stake in reason #1, GM's $20 Billion in Cash. The Delphi bankruptcy alone might cost GM more than half of that, especially if there is a Delphi strike. As for the rest: slow sales and lowered credit ratings can eat the rest up in a hurry.

The other reasons are more interesting, and in my mind, more persuasive.

Five Reasons GM Won't Declare Bankruptcy - Forbes.com