Bankruptcy would be risky business for any automaker...

Companies tend to file for bankruptcy under Chapter 11 of the U.S. bankruptcy code because that allows them to reduce their debt payments while continuing to operate their business as they seek to reorganize it.

Under Chapter 11, management runs the company's daily operations, but all major business decisions must be approved by bankruptcy court. Committees, representing the interests of stockholders and creditors, such as banks and bondholders, work with the company to create a reorganization plan.

Creditors and stockholders must approve the plan, which also requires bankruptcy court approval. However, the court can approve the plan even if some of those groups vote to reject it -- as long as the court believes the plans treat creditors and stockholders fairly.

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