Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA (1 Viewer)

[paologorgo]

la telenovela ha un nuovo, inaspettato colpo di scena:

To date, we have not:

•

reached any agreement with the U.S. Treasury in connection with the exchange offers regarding: ​

o the U.S. Treasury Debt Conversion,
o the U.S. Treasury Financing Commitment,
o a binding written consent in respect of a portion of the common stock it is to receive in connection with the U.S. Treasury Debt Conversion authorizing the charter amendments,
o the percentage of pro forma outstanding GM common stock to be issued to the U.S. Treasury in connection with the U.S. Treasury Debt Conversion, or
o the manner in which the U.S. Treasury (or its designee) will hold any GM common stock received in connection with the U.S. Treasury Debt Conversion and the role (if any) the U.S. Treasury (or its designee) will play in the governance of our company, including, but not limited to, by virtue of its rights associated with the shares of GM common stock it will hold; or
•

reached any agreement with the U.S. Treasury, UAW and VEBA-settlement class representative in connection with the exchange offers regarding: ​

o the VEBA Modifications, or
o the percentage of pro forma outstanding GM common stock to be issued to the New VEBA in connection with the VEBA Modifications; or
•

reached any agreement with the U.S. Treasury and the UAW in connection with the exchange offers regarding: ​

o the Labor Modifications. We previously indicated that we expected to be able to disclose the terms of any agreement reached with respect to the U.S. Treasury Debt Conversion and the VEBA Modifications prior to the withdrawal deadline. However, we currently do not expect to reach an agreement with respect to these matters or the other matters set forth above in connection with the exchange offers, and thereby satisfy the related conditions, prior to May 26, 2009, the scheduled expiration date and withdrawal deadline for the exchange offers. In the event we reach agreement on one or more of the foregoing matters in connection with the exchange offers on or prior to May 26, 2009 (or such later date, if any, to which the exchange offers are extended), we will disclose the terms of these agreements. However, to the extent the specific terms of these agreements satisfy (or are more favorable to holders of old notes than) the terms of the applicable conditions set forth above, and these specific terms do not otherwise constitute a “change in the exchange consideration” or a “material adverse change in our circumstances such that there is a substantial likelihood that a reasonable holder that had previously tendered old notes in the exchange offers would view disclosure of such change as significantly altering the ‘total mix’ of information made available” then we would not be required to extend or reinstate withdrawal rights as described in the prospectus under the heading “ The Exchange Offers and Consent Solicitations–Withdrawal of Tenders .” Although withdrawal rights may not be extended or reinstated in this circumstance, holders would continue to have the right to tender old notes until the expiration or termination of the exchange offers. We currently expect on May 27, 2009 to announce whether we will extend the expiration date of the exchange offers or whether the exchange offers have expired and will not be consummated for failure to satisfy one or more of the conditions.

 

[paologorgo]

all'interno del blog network di Investire Oggi, un articolo molto interessante sulla conversione dei bond GM (ne riporto una parte, ed il link per leggere l'intero post, che raccomando):

Ultimi giorni per i bond GM

Della crisi di GM/GMAC si è discusso già molto (ne avevo scritto anch’io diffusamente in questo post del luglio 2008), così come in molti - oltre al sottoscritto - hanno visto una probabile via d’uscita dal tunnel per GMAC nel momento in cui è diventata banca (in proposito, cfr. qui).
Torno oggi a parlare di GM perché ormai mancano pochi giorni alla chiusura del periodo di Offerta Pubblica di Scambio (OPS) da $ 27 mld, avente ad oggetto titoli obbligazionari emessi dalla General Motors, direttamente o tramite la controllata GM Nova Scotia, il cui elenco completo è riportato nei documenti ufficiali dell’Offerta, disponibili sul sito:
http://www.gm.com/corporate/investor_information/exchange-offer/
(una sintesi in italiano è disponibile qui)

...

Quali le prospettive societarie? Anche in caso di successo dell’OPS restano molte perplessità. L’indebitamento è un problema indiscutibile, ma anche la continua distruzione di cassa resta assolutamente preoccupante: nel corso del primo trimestre sono stati “bruciati” ca. $ 10 mld al mese, per una perdita complessiva di 6 mld, a fronte di interessi passivi di 1,2 mld. In sostanza, è la stessa gestione caratteristica che resta fortemente deficitaria e pertanto, le probabilità di sopravvivenza societaria non dipendono solo dall’azzeramento del debito.
Entreranno in gioco, infatti, la bontà del piano industriale, la dismissione di assets in corso, la politica di controllo dei costi e di innovazione di prodotto, ecc., ecc., tutti fattori che, nel medio termine, potranno avere ricadute positive sulla società (ad oggi di difficile valutazione).
Non è un caso, quindi, che i livelli di rischio impliciti nel mercato dei CDS per l’emittente GM restano decisamente enormi: nel grafico seguente ho riportato la dinamica recente dei CDS ad un anno su GM e, a titolo di confronto, di quelli su GMAC (che - per inciso - pur sempre restano ancora molto elevati).

​

 

[CorvoTorvo]

Posseggo bond GM 2013 a 42/100 e GM 2033 a 34/100.
Mi consigliate di aderire allo swap?

 

[Imark]

Posseggo bond GM 2013 a 42/100 e GM 2033 a 34/100.
Mi consigliate di aderire allo swap?

Avevo già risposto al post 1117, un paio di pagine indietro...

 

[yellow]

Speranze minori di un lumicino :

20.05.09 13:26 - Gm: improbabile accordo con sindacati entro 26/5

DETROIT (MF-DJ)--General Motors non prevede di riuscire a raggiungere un accordo con i sindacati sui tagli alla forza lavoro entro il 26 maggio,
la data per la quale i suoi obbligazionisti dovranno decidere se accettare o meno l'offerta di scambio debito per azioni.


E' quanto si apprende da una nota inviata dalla casa automobilistica alla Sec,
nella quale Gm ribadisce che,
nel caso in cui non sara' in grado di effettuare il suo piano di riassetto,
inclusi l'accordo con il sindacato e gli obbligazionisti, chiedera' la protezione delle procedure fallimentari.

Per concludere l'offerta di swap debito per azioni General Motors deve necessariamente raggiungere un previo accordo con i sindacati ed ottenere il via libera del Tesoro statunitense all'emissione di nuove azioni.

 

[stordits]

Io li ho comprati ed aderisco

posseggo bond gm 2013 a 42/100 e gm 2033 a 34/100.
Mi consigliate di aderire allo swap?

comprare gm bond non e' stato l'affare della vita ma l'unico modo di rivedere 2 soldi e' quello di aderire

 

[lupomar]

E intanto l'azione GM vola +15% a 1,47, non riesco proprio a capire chi compra???

 

[stockuccio]

quelli che vanno in pensione poi devi mantenerli fino all'intervento della natura ... le statistiche ci dicono che la vita media si allunga ... in questo caso non è una bella notiza
http://globaleconomicanalysis.blogspot.com/2009/05/automotive-pension-disaster-42-billion.html

 

[paologorgo]

According to data released yesterday from the Federal Highway Administration, travel on all roads and streets in the United States fell by -1.2% in March 2009 compared to March 2008. This marks the 17th consecutive month of traffic volume decline (starting in Nov. 2007) compared to the same month in the previous year. The moving 12-month total for traffic volume has fallen now for 16 consecutive months, going back to December 2007 (see chart above).
The 12-month moving total for March is the lowest traffic volume (2,914 billion miles) in any month since February 2004 (see red line on the chart above, click to enlarge).

WASHINGTON -- President Barack Obama is asking consumers to put their money -- up to $1,300 per new vehicle by 2016 -- behind his plan for higher efficiency standards for cars and trucks and tougher rules on their greenhouse gas emissions.
In return, Obama said Tuesday in unveiling the plan, drivers would make up the higher cost of more fuel-efficient, cleaner vehicles by buying less gas at the pump. It would take just three years to pay off the investment and would, over the life of a vehicle, save about $2,800 through better gas mileage, the president said.
​

It seems like consumers have already decided on their own that voluntarily buying less gas at the pump can be in their own self-interest, and are now driving the same number of miles as they were five years ago, even with more cars and more drivers. Without stricter CAFE standards, consumers on their own have been driving less, have been buying less gas at the pump, and in the process have reduced greenhouse gas emissions.

http://seekingalpha.com/article/138...ers-spend-less-on-gas-with-no-new-legislation

 

[paologorgo]

May 21 (Bloomberg) -- Chrysler LLC is selling cars at a higher rate than the U.S. industry this month, buoyed by incentives of as much as $6,000 and President Barack Obama’s assurances on the automaker’s survival.
Chrysler’s sales fell about 30 percent through May 18, less than the U.S. market’s drop of as much as 33 percent, said Gary Dilts, senior vice president of consumer-research firm J.D. Power & Associates, which collects data from 6,000 dealers.
The results show buyers aren’t turned off from dealing with a bankrupt automaker, a win for Chrysler in its bid to keep revenue flowing and cut inventory while in court protection. Chief Executive Officer Robert Nardelli told Congress in November that a Chapter 11 filing would shred demand.
“We had a pre-bankruptcy target to hit, and it looks we are seeing pretty close to the industry for the month,” Steve Landry, Chrysler’s U.S. sales chief, said yesterday in an interview. “It’s developing fairly well.”
Chrysler’s experience may be good news for General Motors Corp. as the biggest U.S. automaker faces a probable bankruptcy by Obama’s June 1 deadline to restructure outside of court. Then-CEO Rick Wagoner also said last year that sales would plummet in court protection.
Shrinking Market
With U.S. auto sales plunging in early 2009 to the worst annual rate in 27 years, outpacing the market now counts as a victory, even with declines of 30 percent or more from a year earlier. Auburn Hills, Michigan-based Chrysler’s sales tumbled 48 percent last month as its April 30 bankruptcy filing neared, eclipsing the U.S. industry’s 34 percent slump.
J.D. Power, based in Westlake Village, California, collects information from dealers as they make sales. Automakers typically don’t discuss their sales in detail in mid-month.
Chrysler’s goal is to drive down its supply of unsold cars, Landry said. The company’s factories will remain shut until mid- June or later, he said. By the end of June, its inventory may be 250,000 autos, 43 percent less than a year earlier.
Landry credited the company’s sales performance to the incentives and Obama’s assurance in a nationally televised address that Chrysler would survive.
Mickey Anderson, president of Performance Automotive Group in Omaha, Nebraska, said his Chrysler store there “is on pace” to outsell his Toyota Motor Corp. and Ford Motor Co. outlets.
“President Obama helped release a little bit of pent-up demand by clearly stating, ‘They are going to make it,’” Anderson said.
Sales have been higher than average at the 789 Chrysler, Dodge and Jeep dealerships that will have their contracts terminated by June 9, Landry said.

http://www.bloomberg.com/apps/news?pid=20601103&sid=aox927ehmA70&refer=news