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Thanks guys for the responses. I hadn't thought about NASCAR as I don't follow it at all, but sounds like it a sinkhole as well.
Fogulhund - although the unions did give concessions, it certainly is not enough. Like you said, making cars that more people will buy would help their bottom line, but dinosaurs like Ford and GM don't adapt quickly...the fact that Toyota can float Aaa rated paper just 3 weeks ago while GM was downgraded to junk shows the state of american car makers. The plants overseas may help in the long term, but the near term cost structure is untenable.
GMAC should be spun off, but the dollars will be a short term fix to a problem that is indemic, The bond markets seem to already be pricing in the fact that the chances of GM filing banruptcy in the next 6 months is greater than 50%. Although the cost of borrowing should decrease it doesn't seem enough to stave of filing.
So, (back to the original question) how does this affect their racing programs and the potential competitiveness of the cars (thinking primarily ALMS, but i suppose NASCAR is another one to consider)? More money and factory sponsorship definately increases the chances of success so is it feasible that the C6-R's will, next season, drop down the pack? Are the cars good enough, without such large backing, to be worthwhile racing for a privateer?
If GM has to stop the works team, and the works team has been invited to Le Mans, what happens to their entries?
mog
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