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@obo nails it
@obo is right
Bankruptcy is a court order that depicts how a business will pay off its creditors, or how it will sell its assets in order to make the payments. So in my opinion, GE could just leave well enough alone and renegotiate debt repayment to its creditors or it could sell some, or all, assets to repay debt. GE Aviation could be sold. I doubt it but could happen if the company becomes insolvent.
My concern would be wage concessions, loss of some benefits, and restructuring to reduce spending. This would allow greater cash flow to pay off creditors like the auto industry has done in the past.