I vote no.
The problem is that the corporation itself is broken, for lack of a better word. GM is a boat quickly taking on water. Bailing out the water only prolongs the sinking, but never addresses the root problem.
In a way, a bankruptcy and major re-organization would be a good thing. I just wish the American auto companies would do something. Instead they jet around the nation in the comfort of their private jets, talking to politicians to see if they can get some easy cash for their company. How is this good leadership?