The author of this article came out of partial retirement to construct a novel bankruptcy plan for GM, which is what GM used.
The normal route would be for GM to file bankruptcy and have the court approve a restructuring. This restructuring plan would be fought over by creditors, and GM would be "dead in the water" while this was happening and loose market share. The author asserts this would have been a death blow to the reorganized GM.
The novel plan was to split GM into two companies, "OldCo" and "NewCo," either before or after filing for bankruptcy (the article was not very clear). NewCo would emerge from the bankruptcy as the new GM, and OldCo would be liquidated. The bankruptcy process would complete faster as the restructuring plan was already "set" by splitting into two companies.
There was internal debate in GM about this plan. A more standard bankruptcy was also being prepared. The Obama administration, in providing funding to GM, decided for the NewCo/OldCo plan and also ousted the CEO of GM.
This article is written by the author of the NewCo/OldCo plan, so it may be self-serving.
The article spends more time describing the process of and drama around creating the plan than the details of the actual plan.
[edit for clarity and typos]