Everyone seems to think bankruptcy means the end of the business. The only bankruptcy that is an option to GM is a chapter 11 restructuring. GM is far to big to fail (sounds familiar from last fall, eh?) and the government knows that. The drop of pontiac, hummer, saturn, and saab was simply to rid themselves of less profitable/unprofitable dead weight names. It was not an indication of coming doom but rather an indication of their new business approach. Unfortunately through all this the Unions and Government together hold like 87% of GM in stocks through all this bailout crap so for those anti-UAW, you won't be seeing GM shed them off their balance sheets yet (though the revision of the contracts will be sure to see future discussions).

Also, if your looking for a stable car manufacture then work for Toyota. They are currently the world's largest auto maker and shown profits every quarter for the past 8 years in a row (leading up until the credit crunch occurred). Unfortunately you won't have a union job, but if you want stability over benefits I'd suggest you go with them.