GM may use Chrysler playbook in bankruptcy

General Motors is likely to take a page from Chrysler's playbook in an expected bankruptcy that tests a legal strategy for a quick restructuring with heavy government backing, analysts said.
GM, which faces a June 1 deadline from the US government to come up with a viability plan or face a cutoff of aid, is widely expected to follow rival Chrysler into bankruptcy and use a similar plan to emerge leaner and more competitive.
Yet the two companies could still face legal hurdles and loud objections from the financial sector in a test for the plan by President Barack Obama's administration to save the two automakers critical to the US economy, say analysts.
"I think GM will learn a lot from the Chrysler bankruptcy," said one bankruptcy attorney, who asked to remain anonymous, but is familiar with the Chrysler case and represents auto industry clients.
"I would expect GM to file in the same court. The fast track was adopted by the bankruptcy court and it is key to GM as it was for Chrysler.”