Like Chrysler, many of these companies also had substantial legacy liabilities related to pensions and health care.

"It's difficult to see how G.M. will be in a position to restore margins to sustainable levels that will allow them to competitively service these legacy liabilities."

The company plans to turn itself around, according to its lawyers, by improving its manufacturing and "eliminating noncompetitive legacy liabilities and burdensome restrictions under current labor agreements."

"In a down scenario, the pricing and cost pressures the company faces reduce its cash generation and the company could be faced with a larger debt burden and still significant legacy liabilities.