Ford has managed to not be in desperate straits (how?). I'd like to see Ford, Toyota, and other competent car companies buy GM and Chrysler.
As for the unions, I'm not in love with them-- it seems like a lot of people don't believe it's possible for a union to overreach, and the UAW may have. Still it is not reasonable or decent (as someone on my flist pointed out) to only break union contracts while treating contracts to higher status people as sacred. Did the unions have a responsibility to pressure management to make better business decisions? This is a real question.
Addendum: There was just something on NPR about Ford making the right choice to borrow a lot of money on all its assets when interest rates were low, and that has a lot to do with why the company is in decent shape now. On the other hand, making good cars presumably has something to do with it, too.
I have no idea whether borrowing at that time (one of the other companies sold assets instead) was luck or good sense.