They could have and should have went through a real Chapter 11 so they they could finally put salt on the Leach-like UAW.
That assumes someone would have been willing to finance the process. Furthermore, I love your respect for contracts. The "law and order" of conservatism really comes shining through.
Contracts should not be an economic suicide pact. The UAW is a festering boil on teh US Automotive industry and it must be lanced with we're ever to have a meaningful auto industry in the USA again
So contracts are only valid as long as you like them? Perhaps you should charge a bunch of money on your credit cards and then call them and say you're not going to pay because doing so would be a suicide pact.