My sense is that the company, GM would be in BETTER shape if they can gone through reorg versus the bailout.
Who would or could have bought GM? US automakers? European? Japanese? I certainly doubt any that would have liked to would have had the money, those that had the money would have been chinese. And for buying GM to make any sense GM would have had to offer something to the car maker something they did not have. No western car maker needs anything GM had. Chinese ones yes.
Financing. GM went tits up in the middle of the finincial crisis, the finacial institutions were getting massive bailouts from the government at the time, just where were they supposed to get money to lend to GM? The government?
As for the government bailout of GM, it involved a massive reorg as well
4 brands were shut down, nearly 1/3 of employees let go, about 25% of its US manufacturing plants were shut down, GM debt load went from 95 billion to 17 billion
I listed the options I did, because I actually gave the situation ration logical thought about potential possibilities, not pie in the sky ones like the possibility of Microsoft getting in the car manufacturing business. The options I listed were by far the most likely possibilities during that time frame. If GM was to have gone bankrupt in say 2005 the options would have been different as the economic situations would have been different.
As it stands GM came out of Bankrupcty fairly well (as you stated it made a 4.7 billion dollar profit in 2010.
If you have a better list of options for what could have happened to GM at that time, please present them with the reasoning behind them other then just other companies have gone into bankruptcy and gotten funding during it. That time frame was not normal and GM is not the same as most companies (it is rather far larger then most companies)