GM's choices...
...were to let someone come in and run it forever, have someone a bit friendlier come in and run it for a while and let it go, or let the judicial system (another part of the government that you apparently hate) liquidate and pay off the creditors at cents on the dollar.
I know; I know: you don't think that the government will let go of the company. And that Obama secretly wishes to add the manufacture of autos to the nation's list of entitlements. That strikes me as a silly thing to worry about.