Jay Alix:

In short, I proposed that GM split into two very separate parts before filing: “NewCo,” a new company with a clean balance sheet, taking on GM’s best brands and operations; and “OldCo,” the leftover GM with most of the liabilities. All of the operational restructuring to make the new company profitable would also occur before a bankruptcy filing so GM could go through bankruptcy in a matter of days–not months or years with creditors and other litigants fighting over the corporate carcass while the revenue line crashes.

Interesting story behind the scenes of what happened at GM, which is thriving today. Something I never expected back in 2008.