Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA (1 Viewer)
- Creatore Discussione Imark
- Data di Inizio
TheLondoner
Forumer storico
questo potrebbe anche ritardare eventuali storni sui mercati ...perchè tutto Deve andare liscio...
Ormai s'è capito chi comanda alla Casa Bianca...
Imark
Forumer storico
Ma tanto oramai ci siamo ... qualche giorno prima, qualche giorno dopo... sono addirittura convinto che funzionerebbe meglio - ai fini del calo del mercato - l'accettazione dello swap piuttosto che il Ch 11... darebbe spinta propulsiva in più...
TheLondoner
Forumer storico
darebbe spinta propulsiva in più...
a scendere ?
... sto maturando un presentimento...che forse forse pomperanno ancora x un po' l'azionario o che lo manderanno in fase laterale per qualche settimana ancora...
Imark
Forumer storico
Esatto ...
Imark
Forumer storico
Arriva il cash del taxpayer... e le campane suonano a festa... 
però ce ne vogliono ancora...
GMAC Receives More Aid as Treasury Gets Board Seats
By MICHAEL J. de la MERCED
Published: May 21, 2009
GMAC, the troubled former finance arm of General Motors, confirmed Thursday that it would receive $7.5 billion from the Treasury Department to help fill holes in its balance sheet.
The lender also received permission to begin issuing up to $7.4 billion in debt backed by the Federal Deposit Insurance Corporation, which would help give it lower-cost financing needed for daily operations.
As part of an earlier agreement, GMAC said it would shake up its board, including appointing two new directors selected by the Treasury Department.
“These actions represent another major step in stabilizing and strengthening GMAC,” Alvaro G. de Molina, chief executive of GMAC, said in a statement.
The widely expected developments will help shore up GMAC, an important source of financing for G.M. car dealers. As part of Chrysler’s expected sale to Fiat, GMAC will now provide financing for Chrysler’s dealers as well as G.M.’s.
After the administration of government-mandated stress tests, GMAC was found to need $11.5 billion in capital to withstand a worsening economy. As a percentage of the firm’s assets, that was by far the highest of the 19 institutions subjected to the government’s stress tests. Adding further pressure, $9.1 billion of that needed to be new capital.
The announcement was part of several steps the Treasury Department has taken to keep GMAC afloat, moves that date back to late last year. Amid the tumult of the financial crisis, the Federal Reserve agreed to convert GMAC into a bank holding company, giving it access to low-cost debt despite its inability to fulfill certain requirements.
GMAC has until June 8 to present to the Fed a plan to raise the additional capital. While the Treasury Department has indicated that it could provide additional money, the company said it was considering other options as well.
As part of its board shake-up, the company agreed to seat two directors chosen by the Treasury Department: Robert T. Blakely, the former chief financial officer of Fannie Mae, and Kim Fennebresque, a former investment banker at Lazard. Mr. Alvaro will remain on the board, as will Stephen Feinberg, the head of Cerberus Capital Management, the private equity firm that briefly controlled GMAC. The lender will also name two new independent directors.
Both Cerberus and G.M. have agreed to reduce their stakes in the lender.
però ce ne vogliono ancora...GMAC Receives More Aid as Treasury Gets Board Seats
By MICHAEL J. de la MERCED
Published: May 21, 2009
GMAC, the troubled former finance arm of General Motors, confirmed Thursday that it would receive $7.5 billion from the Treasury Department to help fill holes in its balance sheet.
The lender also received permission to begin issuing up to $7.4 billion in debt backed by the Federal Deposit Insurance Corporation, which would help give it lower-cost financing needed for daily operations.
As part of an earlier agreement, GMAC said it would shake up its board, including appointing two new directors selected by the Treasury Department.
“These actions represent another major step in stabilizing and strengthening GMAC,” Alvaro G. de Molina, chief executive of GMAC, said in a statement.
The widely expected developments will help shore up GMAC, an important source of financing for G.M. car dealers. As part of Chrysler’s expected sale to Fiat, GMAC will now provide financing for Chrysler’s dealers as well as G.M.’s.
After the administration of government-mandated stress tests, GMAC was found to need $11.5 billion in capital to withstand a worsening economy. As a percentage of the firm’s assets, that was by far the highest of the 19 institutions subjected to the government’s stress tests. Adding further pressure, $9.1 billion of that needed to be new capital.
The announcement was part of several steps the Treasury Department has taken to keep GMAC afloat, moves that date back to late last year. Amid the tumult of the financial crisis, the Federal Reserve agreed to convert GMAC into a bank holding company, giving it access to low-cost debt despite its inability to fulfill certain requirements.
GMAC has until June 8 to present to the Fed a plan to raise the additional capital. While the Treasury Department has indicated that it could provide additional money, the company said it was considering other options as well.
As part of its board shake-up, the company agreed to seat two directors chosen by the Treasury Department: Robert T. Blakely, the former chief financial officer of Fannie Mae, and Kim Fennebresque, a former investment banker at Lazard. Mr. Alvaro will remain on the board, as will Stephen Feinberg, the head of Cerberus Capital Management, the private equity firm that briefly controlled GMAC. The lender will also name two new independent directors.
Both Cerberus and G.M. have agreed to reduce their stakes in the lender.
yellow
Forumer attivo
I soldi pare che arrivino contemporaneamente a :
22.05.09 15:07 - Gm: Washigton prepara bancarotta (stampa)
NEW YORK (MF-DJ)--L'amministrazione Obama sta preparando l'ingresso di General Motors nelle procedure fallimentari.
E' quanto rivela il Washington Post, secondo cui la bancarotta della casa automobilistica sara' disposta la prossima settimana,
insieme ad una nuova iniezione di fondi pubblici da circa 30 miliardi di dollari.
Allo stesso tempo, aggiunge il Post, le Autorita' federali dovrebbero agevolare l'uscita di Chrysler dalla bancarotta.
22.05.09 15:07 - Gm: Washigton prepara bancarotta (stampa)
NEW YORK (MF-DJ)--L'amministrazione Obama sta preparando l'ingresso di General Motors nelle procedure fallimentari.
E' quanto rivela il Washington Post, secondo cui la bancarotta della casa automobilistica sara' disposta la prossima settimana,
insieme ad una nuova iniezione di fondi pubblici da circa 30 miliardi di dollari.
Allo stesso tempo, aggiunge il Post, le Autorita' federali dovrebbero agevolare l'uscita di Chrysler dalla bancarotta.
paologorgo
Chapter 11
GM bondholders plan to reject debt exchange offer
NEW YORK, May 22 (Reuters) - General Motors Corp's (GM.N) biggest bondholders plan to reject the company's current offer for a 10 percent equity stake, a spokesman for the creditors said.
"It's been a universal no from the get-go," said Nevin Reilly, a spokesman for the committee. "Bondholders are being seen as speculative bad guys, but bondholders are investors, many of whom put their retirement money into GM."
The big bondholders have no formal relationship with smaller retail GM investors, but Reilly said they have received many calls seeking to coordinate a response. (Reporting by Walden Siew, Editing by Chizu Nomiyama)
http://www.reuters.com/article/marketsNews/idINN2236789120090522?rpc=44
NEW YORK, May 22 (Reuters) - General Motors Corp's (GM.N) biggest bondholders plan to reject the company's current offer for a 10 percent equity stake, a spokesman for the creditors said.
"It's been a universal no from the get-go," said Nevin Reilly, a spokesman for the committee. "Bondholders are being seen as speculative bad guys, but bondholders are investors, many of whom put their retirement money into GM."
The big bondholders have no formal relationship with smaller retail GM investors, but Reilly said they have received many calls seeking to coordinate a response. (Reporting by Walden Siew, Editing by Chizu Nomiyama)
http://www.reuters.com/article/marketsNews/idINN2236789120090522?rpc=44
paologorgo
Chapter 11
GM maps bankruptcy protection route
By Julie MacIntosh in New York
Published: May 22 2009 18:58 | Last updated: May 22 2009 18:58
General Motors is preparing to file for bankruptcy protection as early as May 31, under a plan in which the US government would cancel most or all of its existing debt in the company and invest in a “new” GM that could emerge from bankruptcy in the autumn.
GM would receive tens of billions of dollars in new government money, probably in a series of stages, to prop up its business at a time when car sales are threatening to be lower than the 10m annual rate at which GM says it can break even, said a person close to the matter.
The government will cancel its existing debt in GM, the largest US carmaker, the person said, but it may keep a slice of debt in the “old” GM assets that are wound down in bankruptcy in order to retain leverage over the process.
GM would aim to win bankruptcy court approval by July 1 for a plan to separate its good brands and assets into a viable company.
It would start marketing itself as a cleanly-scrubbed company immediately in an effort to spur sales.
It could take several more months, however, for the new GM to be technically freed from the bankruptcy process.
GM’s transfer of assets into the new company will occur on a rolling basis, sources said, as details are hashed out. GM’s advisers are still working on plans to wind down the assets that will remain under bankruptcy protection, and are trying to develop an accounting system that can handle the new and old companies separately.
GM’s bankruptcy preparations are occurring independently of Chrysler, which filed for creditor protection at the end of April.
A key hearing to endorse Chrysler’s exit plan, however, is set for next Wednesday, and one insider said the Obama administration would like to see the plan approved prior to a bankruptcy filing by GM.
GM is likely to file for bankruptcy protection even if 100 per cent of its bondholders agree to a costly debt swap proposed by the company and the government, said sources close to the company.
An agreement looked unlikely on Friday, after a bondholder committee said that it would reject the offer amid claims by Republican lawmakers that bondholders’ rights were being subverted.
A bankruptcy filing would let GM cancel its dealer contracts rather than having to buy them out one by one. It would also allow the new company to protect itself from GM’s present liabilities over civil lawsuits, asbestos claims and other environmental issues.
Additional reporting by Tom Braithwaite in Washington and Bernard Simon in Toronto
http://www.ft.com/cms/s/0/2dca3956-...ance&ft_ref=yahoo1&segid=03058&nclick_check=1
By Julie MacIntosh in New York
Published: May 22 2009 18:58 | Last updated: May 22 2009 18:58
General Motors is preparing to file for bankruptcy protection as early as May 31, under a plan in which the US government would cancel most or all of its existing debt in the company and invest in a “new” GM that could emerge from bankruptcy in the autumn.
GM would receive tens of billions of dollars in new government money, probably in a series of stages, to prop up its business at a time when car sales are threatening to be lower than the 10m annual rate at which GM says it can break even, said a person close to the matter.
The government will cancel its existing debt in GM, the largest US carmaker, the person said, but it may keep a slice of debt in the “old” GM assets that are wound down in bankruptcy in order to retain leverage over the process.
GM would aim to win bankruptcy court approval by July 1 for a plan to separate its good brands and assets into a viable company.
It would start marketing itself as a cleanly-scrubbed company immediately in an effort to spur sales.
It could take several more months, however, for the new GM to be technically freed from the bankruptcy process.
GM’s transfer of assets into the new company will occur on a rolling basis, sources said, as details are hashed out. GM’s advisers are still working on plans to wind down the assets that will remain under bankruptcy protection, and are trying to develop an accounting system that can handle the new and old companies separately.
GM’s bankruptcy preparations are occurring independently of Chrysler, which filed for creditor protection at the end of April.
A key hearing to endorse Chrysler’s exit plan, however, is set for next Wednesday, and one insider said the Obama administration would like to see the plan approved prior to a bankruptcy filing by GM.
GM is likely to file for bankruptcy protection even if 100 per cent of its bondholders agree to a costly debt swap proposed by the company and the government, said sources close to the company.
An agreement looked unlikely on Friday, after a bondholder committee said that it would reject the offer amid claims by Republican lawmakers that bondholders’ rights were being subverted.
A bankruptcy filing would let GM cancel its dealer contracts rather than having to buy them out one by one. It would also allow the new company to protect itself from GM’s present liabilities over civil lawsuits, asbestos claims and other environmental issues.
Additional reporting by Tom Braithwaite in Washington and Bernard Simon in Toronto
http://www.ft.com/cms/s/0/2dca3956-...ance&ft_ref=yahoo1&segid=03058&nclick_check=1
paologorgo
Chapter 11
Ford Motor Co. is extending the deadline by five weeks for its hourly workers to accept a job-buyout package amid heightened speculation over a possible bankruptcy filing by General Motors Corp. as early as next week.
The packages were handed out to almost all of Ford's 42,000 hourly workers starting April 1. The original deadline was Friday. Among those not receiving an offer were several hundred employees working specialty trades, including electricians.
Company spokeswoman Angie Kozleski said the extension was granted until June 26 in order to give employees more time to make up their minds. But the pushed-back deadline also allows the Dearborn, Mich., auto maker more time to watch the fates of its competitors including GM, which could file for bankruptcy next week, and already-bankrupt Chrysler LLC.
Ms. Kozleski declined to say how many workers have applied for a buyout and whether any of those buyouts have been approved. But a deadline extension could be a sign Ford has not yet achieved the number of employee buyouts that company officials originally targeted.
Since 2005, Ford has been shedding tens of thousands of workers, often offering lucrative exit packages. But the latest offers were less financially rewarding for individual workers. For those eligible for retirement, a buyout now means a lumpp sum of $40,000 for those working in skilled trade and a $20,000 payout for those in production.
For others who have as little as one year of service, taking a buyout means either a lump sum of $50,000 or two-year education package including $15,000 in annual tution assistance, living expenses based on half of their previous wages and continuting health insurance. For those retiring or leaving the company without the education assistance, they will also receive a $25,000 gift certificate for a new Ford vehicle.
Write to Matthew Dolan at [email protected]
http://online.wsj.com/article/SB124301745563447941.html?ru=yahoo#mod=yahoo_hs
The packages were handed out to almost all of Ford's 42,000 hourly workers starting April 1. The original deadline was Friday. Among those not receiving an offer were several hundred employees working specialty trades, including electricians.
Company spokeswoman Angie Kozleski said the extension was granted until June 26 in order to give employees more time to make up their minds. But the pushed-back deadline also allows the Dearborn, Mich., auto maker more time to watch the fates of its competitors including GM, which could file for bankruptcy next week, and already-bankrupt Chrysler LLC.
Ms. Kozleski declined to say how many workers have applied for a buyout and whether any of those buyouts have been approved. But a deadline extension could be a sign Ford has not yet achieved the number of employee buyouts that company officials originally targeted.
Since 2005, Ford has been shedding tens of thousands of workers, often offering lucrative exit packages. But the latest offers were less financially rewarding for individual workers. For those eligible for retirement, a buyout now means a lumpp sum of $40,000 for those working in skilled trade and a $20,000 payout for those in production.
For others who have as little as one year of service, taking a buyout means either a lump sum of $50,000 or two-year education package including $15,000 in annual tution assistance, living expenses based on half of their previous wages and continuting health insurance. For those retiring or leaving the company without the education assistance, they will also receive a $25,000 gift certificate for a new Ford vehicle.
Write to Matthew Dolan at [email protected]
http://online.wsj.com/article/SB124301745563447941.html?ru=yahoo#mod=yahoo_hs