IMO This statement below sums it up best. It worked for the airlines so I say let them fail, reorganize, renegotiate and be done with it. There is no logical reason to save them because NO ONE wants or buys the cars anymore. Major car dealership are closing by the day and they should have seen this coming 20 years ago.
Several major U.S. airlines have operated under Chapter 11 bankruptcy provisions. United Airlines has been through it. US Airways and Continental Airlines filed twice. Both Delta Air Lines and Northwest Airlines, which are in the process of combining operations, emerged from bankruptcy court protection last year. Labor contracts were renegotiated, and everyone, from baggage handlers to pilots, took pay cuts. Yet through it all, travelers continued to book tickets to fly.