Like other automakers, GM has a lot of credit card holders who accumulate rewards points towards the purchase of a new GM auto. But what happens to them in bankruptcy? Frequent flyer programs have previously been gutted when an airline went bankrupt, so it's not unreasonable for GM cardholders to worry.
But fear not! The airlines whose frequent flier programs were dismantled mostly filed for liquidation, not reorganization. Frequent flier programs are a valuable customer loyalty program, and they're relatively low-cost, since upgrades and even free tickets often simply fill empty seats.
GM's case is a little more complicated--I don't think any of their cars have a near-zero marginal cost. Nonetheless, the program has been affirmed in the bankruptcy, according to Tom Wilkinson, GM's spokesman. And very wise indeed this was of Judge Gonzalez, since if there's anything the company could use right now, it's a captive market for GM cars.