President Barack Obama calls it, "A new lease on life for GM."
University of Kentucky professor Ken Troske calls it uncharted waters, "We've never seen anything like this."
The U.S. is no stranger to bankruptcy, Troske says the airline industry has even had companies emerge successfully.
He says the difference this time is government intervention. Saying typically the U.S. government doesn't play a role in financial decisions.
Troske says the danger there is adding a political element to the decision making process.
While it's unclear what a government led auto industry could mean, Troske says he has a good idea how it could affect Kentucky.
He says, "I would imagine we loose some dealers, and people will have to drive farther to buy new cars."
That's considering Kentuckians are in a position to buy new cars.
"We have an unemployment rate close to 10% and we're hemorrhaging manufacturing jobs."
According to Obama, a move towards bankruptcy is working for Chrysler, saving tens of thousands of jobs for the automaker.
The president cautions however, the turnaround for GM might take longer. Leaving some to wonder how long we can wait.