Never happen. That is unless unions are exempted. “Void existing contracts?” The unions would never allow it.

In fact, that’s probably the main reason why the automakers are being shoveled huge wads of cash instead of allowing the natural process of bankruptcy in the first place. Bankruptcy would permit them to renegotiate contracts with the unions. The Democrats, being in the union pocket, can never permit that.

Knowing that, of course, the automakers are gorging at the government teat, but as we saw with GM, there is a price to pay.