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There has been plenty of problems at GM for years, though this is becoming more commonly known to many people.
There a few things worthy of note though.
1. GMAC is a VERY profitable business. This is likely to be spun-off into its own company, with GM retaining some form of majority ownership. This has the potential to raise between $USD 20-35 Billion depending on how much is sold off. The Balance sheet would look much better under this scenario, and GMAC bonds would become rated more highly, being seperated from GM. This should potentially lower borrowing costs for GM.
2. The Union already gave concessions.
3. GM is building plants in China, for export to North America.
4. GM spends a great deal in racing. NASCAR, ALMS, Speed World Challenge and Grand Am to name a few, with NASCAR taking a huge percentage of that cut. I don't like NASCAR personally, but I wonder what marketing gains there are, or halo marketing in racing cars that look nothing like your product, aren't a display of technical gee whiz, and don't really share anything at all with the cars it is named after.
Sure, it's possible that racing program spendings could be cut, and the ALMS program is one that could go.
5. Perhaps GM should concentrate on building cars people actually want to buy, which has been one of their biggest problem for years now... shrinking market share.
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