Third time doesn’t charm

General Motor’s latest restructuring effort looks like its first real stab at Chapter 11-style reorganisation – minus the name. New chief Fritz Henderson’s plan lays out more cost cuts and brand reductions, offers bondholders a chance to swap their securities for equity and even proposes the US government exchange half its loans for stock. But that still might not be enough to avoid bankruptcy. For starters, the revamp would leave the biggest single group of creditors taking the most pain, perha...