I'm hugely opposed to foreign ownership, but some say it would have happened with little impact.
No, that is not what the article says. It says that a) foreign companies would probably
have bought pieces
of it (your article uses a lot of "surely" and "might" and "possible" and "could have" and "almost certainly" -
So, if this had happened, we would a) have had foreign ownership, which you don't like and would have transferred profits out of the US, and you know darn well it also would have led to massive cutbacks as the foreign companies (logically) picked and chose what they wanted to own, carving up bits and pieces of GM, which downstream from the companies would have impacted supply shops, service, etc - ie, jobs and money for Americans.
So, the GOP line on this is: let an American institution fail, with all the cost to jobs and local ownership, but by one true Christian God don't ever stop paying subsides to highly profitable and successful energy companies.