Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA (2 lettori)

[paologorgo]

ITEM 1.01 Entry into a Material Definitive Agreement

In the original prospectus and the prospectus supplement issued in connection with General Motors Corporation's ("GM") exchange offers to its unsecured bondholders, GM indicated that under its Viability Plan it then forecasted that it would need an additional $2.6 billion of working capital loans from the U.S. Department of the Treasury (the "U.S. Treasury") prior to June 1, 2009 and an additional $9.0 billion after June 1, 2009. GM now forecasts it will require an additional $1.4 billion (over the previously forecasted $2.6 billion) prior to June 1, primarily to fund various amounts originally forecasted for after June 1. (See below for details on GM's borrowing of this $4.0 billion in the aggregate on May 22, 2009). As a result of the accelerated borrowing of $1.4 billion, GM currently forecasts that under its Viability Plan it will require an additional $7.6 billion of funding from the U.S. Treasury after June 1, 2009.
All references in the prospectus and prospectus supplement to the pre- and post-June 1, 2009 funding forecasts are amended and restated consistent with the foregoing. All references to the "U.S. Treasury Financing Commitment" with respect to a total of $11.6 billion of additional financing after the date of the original prospectus remain unchanged. As a result of the $4.0 billion of borrowings on May 22, 2009, GM currently estimates that it will have $21.4 billion of U.S. Treasury Debt outstanding at June 1, 2009.
On May 20, 2009, GM entered into Amendment Number Three ("Amendment Three") to the Loan and Security Agreement dated as of December 31, 2008 (as amended, the "Loan Agreement") between GM as Borrower and the U.S. Treasury. Amendment Three increased the aggregate maximum amount available for GM to borrow under the Loan Agreement by $4.0 billion to $19.4 billion. On May 22, GM borrowed $4.0 billion under the Loan Agreement (the "Advance") and delivered an additional note payable to the U.S. Treasury in a principal amount of $266.8 million as additional compensation for the Advance, pursuant to the terms of the Warrant Agreement dated as of December 31, 2008 between GM and the U.S. Treasury. As required by the Loan Agreement, prior to receiving the Advance, GM provided a statement describing its intended use of the proceeds of the Advance, which was considered acceptable by the U.S. Treasury.

 

[stordits]

Ci sono dati sulle adesioni allo swap dei bondholders?

Ciao grazie

 

[paologorgo]

Ci sono dati sulle adesioni allo swap dei bondholders?

Ciao grazie

non credo ce ne siano già di pubblici. Guardando ai filing GM, nessuno, solo un update relativo alla situazione Italiana, ed insignificante, al 15 Maggio:

General Motors Corporation - Public Exchange Offer in Italy ​

Information of the amount of old notes tendered through Italian custodians ​

Release pursuant to Article 41, paragraph 2, letter (c) of CONSOB Regulation 11971/1999

​

http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000909518-09-000332.txt&FilePath=\2009\05\15\&CoName=GENERAL+MOTORS+CORP&FormType=425&RcvdDate=5%2F15%2F2009&pdf=

 

[paologorgo]

decisamente non usano il fioretto. riguarda Chrysler, ma ha senso postarlo qui per evidenziare che non le mandano certo a dire a chi si oppone al loro piano:

Chrysler LLC Statement in Response to Indiana State Treasurer Protesting Chrysler LLC's Chapter 11 Proceeding and Sale

AUBURN HILLS, Mich., May 25 /PRNewswire/ -- Indiana State Treasurer Richard Mourdock is protesting Chrysler LLC's Chapter 11 proceeding and sale on behalf of three state pension funds that he oversees.

Chrysler strongly believes Indiana Treasurer Mourdock's position is wrong. Satisfying the Indiana Treasurer's demands would lead to the liquidation of Chrysler, resulting in the loss of more than 4,000 Chrysler jobs and 9,000 retiree pensions in Indiana alone.
The combined Chrysler-related investments in the three state pension funds in question totaled approximately $17 million. The cumulative loss on these investments under the proposed transaction would be approximately $2 million. Chrysler's liquidation analysis shows first lien lenders would get between zero and 18 cents on the dollar in liquidation, versus 29 cents in the proposed transaction. However, Chrysler believes this range is unlikely and that there is low probability of a high-side outcome. The company believes it is more likely to be on the very low end, as for the entire time that Chrysler has been in Chapter 11, it has had very few bids for its assets. Thus, under a liquidation scenario, the loss to Chrysler's employees, suppliers and dealers would be far more: in the tens of billions of dollars.
Treasurer Mourdock has expressed that he takes his "oath of office and fiduciary responsibilities very, very seriously." Chrysler believes Treasurer Mourdock is risking significantly further loss, and would be living up to his fiduciary responsibilities by accepting the terms that 98 percent of other creditors accepted. The Treasurer's actions lead one to wonder if his motives are financial or political.
Chrysler is committed to supporting its operations in Indiana, where more than $150 million are paid annually to Chrysler employees, $20 million in state taxes are paid by Chrysler employees, $3 billion of materials are purchased from more than 200 Indiana-based suppliers, and approximately 3,750 people are employed at 75 Chrysler dealerships. Additionally, Chrysler has donated more than $6.5 million to non-profit and community organizations in Indiana statewide in the past 10 years.
Important facts to note:
-The three funds Treasurer Mourdock oversees are:
- Indiana State Teachers Retirement Fund - This is a reported $7.8 billion fund. The Chrysler debt is less than 1 percent of the fund ($32.2 million or .466 percent of Chrysler first lien debt)
- Indiana State Police Pension Trust - This is a reported $250 million fund. The Chrysler debt is less than 1 percent of the fund. ($1.3 million or .019 percent of Chrysler first lien debt)
- Indiana Major Move Construction - This is a reported $2.5 billion fund. The Chrysler debt is less than 1 percent of the fund ($8.8 million or .128 percent of Chrysler first lien debt)
-The combined Chrysler debt to the three funds is $42.3 million (.6 percent of Chrysler's first lien debt)
-While the three funds have a face value of $42.3 million, the purchase price was approximately $17 million. We expect they will receive $15 million, for a total investment loss of $2 million.
-Under Chapter 11, Chrysler's first lien creditors were allocated $2 billion (instead of the $7 billion in original debt). Ninety-eight percent of the first lien creditors have agreed to this allocation.
-The Indiana Treasurer is willing to put Chrysler in liquidation over less than 1 percent of the three funds assets.

http://news.prnewswire.com/DisplayR...STORY=/www/story/05-25-2009/0005032000&EDATE=

 

[paologorgo]

* Bondholders do not agree to swap
* Key deadlines for both GM and Chrysler
* UAW votes due by Thursday
* Opel decision by German govt anticipated
* GM shares down 14 pct

(Recasts first sentence, adds details of tender, analyst
comment, updates stock price, adds NEW YORK to dateline)
By Kevin Krolicki and Jui Chakravorty Das DETROIT/NEW YORK, May 26 (Reuters) -
General Motors Corp
(GM.N) has failed to persuade enough bondholders to accept a
debt-for-equity swap, setting the stage for the largest-ever
U.S. industrial bankruptcy by the end of this month.
The largest U.S. automaker had so far failed to gain
anywhere near the 90 percent of bondholder support desired to
stave off bankruptcy, two sources familiar with the discussions
told Reuters on Tuesday. Bondholders have until midnight to make
their final decision on the tender. As of midday Tuesday,
the source said the company had only
"low-single-digit" interest from bondholders. Reuters'
sources said GM will likely file for bankruptcy
some time after midnight Tuesday, but before June 1.
The failure to gain bondholder support is a critical
disappointment for GM, the largest U.S. automaker and once
considered the standard-bearer of all U.S. manufacturing. In the
1950s, a popular ad for the automaker proclaimed that "What's
good for General Motors, is good for the USA." "I would say
this is a sound rejection of an unsuitable
offer," said Pete Hastings, a credit analyst at Morgan Keegan
who has followed GM. "I have been saying for some time that this
thing was dead on arrival and we were just waiting for the
doctor to pronounce it dead. Now that's happened."
As various deadlines near for the automaker, officials at
the United Auto Workers' union will gather to hear how many U.S
factory jobs GM will cut as part of its restructuring.
Union officials representing 54,000 GM workers are scheduled
to meet to prepare for a quick ratification vote on a
cost-cutting labor deal negotiated last week. The union aims to
complete those votes by Thursday. Approval of the contract,
which would change payment terms
on $20 billion owed to a UAW trust fund, represents one of the
hurdles for GM to clear before a June 1 deadline set by the
Obama administration. But bondholders have balked at proposals that they forgive
debt in exchange for a 10 percent stake in a restructured
company. Under GM's current plan, a UAW trust fund for healthcare
would receive a GM stake of about 39 percent. The U.S. Treasury
would hold a 50 percent stake. Current shareholders would be
left with just 1 percent of a restructured company.
A person familiar with Obama administration thinking on the
matter said the administration was continuing to engage with
bondholders to reach agreement. Shares of GM,
which the automaker has warned could be
worthless in a bankruptcy, were down 20 cents or 14 percent at
$1.23 on the New York Stock Exchange on Tuesday.
The U.S. government has provided a combined $36.6 billion to
GM, Chrysler and their financing units since December.
In an interview broadcast over the weekend, Obama said he
hoped GM and Chrysler would emerge from restructuring "leaner,
meaner, more competitive." "Ultimately, I think that GM is going to be a strong
company," he said. THE OPEL SAGA While much
attention is on Washington and Detroit, talks
continue in Europe over the possible sale of GM's Opel unit.
On Tuesday, Germany pressed the three bidders for Opel to
improve their offers for the carmaker, saying they needed to
assume greater risks and make credible commitments to preserve
jobs and sites. [ID:nLQ677656] Economy Minister Karl-Theodor zu Guttenberg told reporters
after meeting Fiat (FIA.MI) Chief Executive Sergio Marchionne in
Berlin that the Italian carmaker's offer looked serious but that
rival bidders Magna (MGa.TO) and RHJ International (RHJI.BR)
remained in contention. "There's no favorite," he said. "Everyone knows that
improvements are still necessary." Fiat made an aggressive last-ditch push to convince the
German government to back its bid for Opel ahead of a top-level
meeting in Berlin on Wednesday where a preliminary decision on
preferred bidders is expected. Marchionne met with
Chancellor Angela Merkel and Guttenberg
on Tuesday morning to try to address German concerns about his
ambitious plan to fold Opel into a transatlantic car empire that
would also include U.S. carmaker Chrysler. The German
government hoped to be able to settle on one or
more preferred bidders late Tuesday or Wednesday, a step which
could lead to further negotiations. Pressure to choose
a preferred bidder is building ahead of
the June 1 restructuring deadline for GM. [ID:nN25529202]
Across the border in Canada, GM workers at plants in Ontario
on Monday ratified concessions negotiated last week with a vote
of 86 percent in favor. [ID:nN25452190]
(Reporting by Jui Chakravorty and Kevin Krolicki; additional
reporting by John Crawley, Andreas Moeser, Noah Barkin, David
Lawder and Nick Carey; editing by Patrick Fitzgibbons and
Matthew Lewis)

http://www.reuters.com/article/marketsNews/idUSN2648513720090526?rpc=44

 

[paologorgo]

GM-Union Deal Raises U.S. Stake

By JOHN D. STOLL, JEFF MCCRACKEN and NEIL KING JR.

General Motors Corp. and the United Auto Workers have agreed to a new restructuring plan that would give the union a significantly smaller stake in the company than previously envisioned, and leave the U.S. government owning as much as 70% of the car maker.
The government's plan also calls for paying off in full GM's secured lenders, banks including Citigroup Inc. and J.P. Morgan Chase & Co. that are owed about $6 billion. That would remove one potential obstacle to a speedy bankruptcy reorganization.
Under the new UAW terms, the union's health-care trust would own 17.5% of a reorganized GM, in exchange for retiree health-care concessions. An earlier revamping worked out by the Treasury Department and GM would have given the union 39% and the government 50%.

The union -- concerned about GM's prospects -- sought the lower stake in exchange for preferred shares that provide annual income, as well as a $2.5 billion note from GM, said people familiar with the situation.
The change leaves room for GM to sweeten its stock offer to bondholders to reduce the company's $27 billion in unsecured debt. A debt-for-equity swap is another measure required by the Treasury before Monday, or else the company will be forced to file for bankruptcy, a fate most participants in the talks believe is likely.
GM's largest union also acceded to more worker buyouts and rules changes. For its part, GM agreed to take back five car-parts plants from Delphi Corp., a former subsidiary that is in Chapter 11, and use an idled GM plant to make small and compact cars.
The UAW and people close to the Obama administration's negotiations with GM said Tuesday that GM will need "significantly more capital" to continue operating, despite the UAW cuts. The Treasury plans to back GM with up to $50 billion in financing that will cover everything from $7.6 billion GM requested last week to $6 billion to pay off GM's secured lenders. It will also cover debtor-in-possession financing for GM and exit financing when it is ready to emerge. In return, the Treasury could demand up to 70% of the company's equity in exchange, said people familiar with the matter. The funds would, in effect, be a big bet by the government that GM will be successfully reorganized.
The size of GM's forthcoming debtor-in-possession loan remaiined in question, partially because it is difficult to handicap how long GM would remaiin in bankruptcy. Chrysler LLC filed for bankruptcy May 1 and is likely to emerge as early as next week, a person familiar with the matter said Tuesday. GM's bankruptcy is expected to take longer.

Any DIP financing would include the$7.6 billion that GM told the Treasury last week it would need to operate after June 1. The money will fund GM during bankruptcy as well as fund a so-called Newco, the reorganized GM made up of surviving brands including Chevrolet, Cadillac, Buick and GMC, said these people.
The money is needed to pay GM operating costs and fees to attorneys, advisers and others. It also may be needed to back the assets GM leaves behind in bankruptcy as a "Badco" or "Oldco." Those assets will be sold or liquidated.
In addition, some $6 billion of the funds will be used to pay off GM's secured lenders. The government decided to buy them out at about face value, said people familiar with the matter. It hopes to have GM emerge with just $10 billion to $12 billion in debt, instead of the $40 billion it had envisioned.
GM is expected to give an update on its negotiations with thousands of unsecured bondholders as early as Wednesday. If a $27 billion debt-for-equity offer that was launched in April fails, the auto maker has said it will file for bankruptcy.
Very few bondholders had agreed to the debt swap as of Tuesday afternoon, a person familiar with the exchange said.
The UAW deal is yet another wrinkle in GM's attempt to reorganize. Initially, the UAW was offered 39% of the company's equity in exchange for renegotiating a $35 billion health-care trust. Now, GM plans to give the UAW $10 billion in already-set-aside assets, a $2.5 billion note, a $6.5 billion preferred-equity stake and 17.5% of GM's shares with the option for up to 20% over time. In addition, the UAW will get a seat on GM's board. Concerned that GM's viability was based on an increasingly unlikely U.S. auto-sales rate of 10 million vehicles a year, the UAW instead sought the preferred stock that will pay out a $585 million annual dividend.
"The fear at the UAW was that ownership in GM could eventually be worth very little," said a person involved in the talks.
But the union's pact comes at a price. While union workers won't see their hourly pay cut, the UAW has agreed to reduce retiree health-care immediately, and trim many fringe benefits enjoyed by active workers for decades. Much of the agreement mirrors concessions the union granted Chrysler last month, including a suspension of cost-of-living allowances, bonuses and some holidays.
The union also agreed to allow the company to make additional buyout offers to the 60,000 people employed at GM's U.S. factories, and it agreed not to strike before 2015, said people familiar with the terms.
GM aims to save $1.5 billion annually in active-worker costs under the new agreement. GM spent $8 billion on hourly U.S. labor costs in 2008, but needs to cut that if it hopes to be competitive with Asian competitors building cars in the U.S., and remain viable at a much lower auto-sales level than had been the norm.

While the UAW billed the revised retiree trust fund agreement as necessary to GM's survival, it will leave hundreds of thousands of retirees paying higher out-of-pocket medical expenses. For decades, these retirees paid only minor charges.
While the UAW is among GM's most powerful creditors, there are several other lenders to which GM aims to give equity. The main uncertainty appears to be how much of the increased government stake will go to boost the offer to bondholders and how much will go to the Canadian government, which is expected to chip in to help GM through the bankruptcy process. In the case of Chrysler, the U.S. and Canadian governments plan to end up sharing a 10% stake.
The Treasury is portraying itself as an unwitting majority-owner-in-waiting of GM -- the only lender able and willing to put forward the huge sums necessary to rescue the company, but a player that has no intentions of directly guiding the company once it emerges from bankruptcy. "We are reluctant, involuntary shareholders in this case," said one person involved in the discussions.
Treasury officials refused to comment publicly about the negotiations. But one person involved in the talks said the Treasury was prepared to offer bondholders more shares if that would persuade more than 90% of them to agree to the debt swap, a requirement for the swap to go forward.
The UAW said that "with a greatly improved balance sheet, as well as with the significant restructuring of business operations, there is a realistic prospect that the stock in the new company will represent significant value in the future."
UAW leaders from around the U.S. were in Detroit to learn details of concessions the union agreed to with GM last week. The meeting was hastily assembled to allow members to complete voting by Thursday.
Thomas Summers, vice president of UAW Local 22 in Detroit, which represents thousands of GM workers, said having a stake in the company gives the union a big reason to ensure the auto maker's viability. "Right now it's about just that, it's about survival," Mr. Summers said.
Still, he said most of the workers he represents expect GM to file for bankruptcy any day now. "Let's not be naive about it," he said, "I think everybody's been preparing for it."

http://online.wsj.com/article/SB124335377570854805.html?ru=yahoo#mod=yahoo_hs

 

[paologorgo]

Opel board to decide on separation from GM: source

FRANKFURT (Reuters) - The supervisory board of General Motors' (NYSE:GM - News) Opel unit is holding an extraordinary meeting on Wednesday morning to decide on the German carmaker's legal separation from its U.S.-based parent company, a person familiar with the matter said.
The supervisory board was set to approve a transfer of Opel's non-German European plants to German unit Adam Opel GmbH, the person said.
Financially, Opel is already separate from the parent company, a source has told Reuters.
The German government is due to decide on Wednesday which bidder or bidders it prefers as a partner for Opel. It wants to act quickly in case GM files in the United States for Chapter 11 protection from creditors.
Chancellor Angela Merkel's government has been considering offers from Italian carmaker Fiat (Milan:FIA.MI - News), Canadian supplier Magna International (Toronto:MGA.TO - News) and Belgium-listed industrial holding RHJ International (Brussels:RHJI.BR - News).
In an unexpected twist, Chinese carmaker Beijing Automotive Industry Holding Co (BAIC) has emerged as a last-minute contender.

http://finance.yahoo.com/news/Opel-board-to-decide-on-rb-15353702.html?.v=1

 

[paologorgo]

un modo per fare soldi anche con la catastrofe GM c'era, magari non accessibile a tutti...

General Motors Bank Loans Soar Before Obama Deadline (Update1)

By Kristen Haunss and Pierre Paulden
May 15 (Bloomberg) --General Motors Corp.’s bank loans rose as the automaker tries to restructure its debt before a June 1 deadline set by the Obama administration.
GM’s $1.5 billion term loan due in 2013 gained as much as 10.75 cents on the dollar to 70.75 cents since yesterday morning in New York, according to traders. The company’s $4.5 billion revolving credit line, which expires in 2011, surged as much as 10 cents to 66 cents on the dollar, they said.

---

In the meantime, GM's Term Loan, whose recent chart is presented below (click to enlarge), yesterday hit a level of 85, which is likely a fair value for when it rolls into a presumably leaner and much less indebted Good GM post bankruptcy. As the U.S. Government-sponsored DIP financing, which according to media reports, could be up to $30 billion, will likely be "forgiven" upon emergence, it is only logical that the TLs, which have a high likelihood of being the only debt post emergency, should trade at or near par values.



http://seekingalpha.com/article/139823-gm-secured-lenders-won-t-be-impaired

 

[yellow]

27.05.09 13:40 - Gm: non raggiunto livello minimo adesione offerta swap
DETROIT (MF-DJ)--General Motors ha annunciato che non e' stato raggiunto il livello minimo di adesioni alla sua proposta di swap debito/azioni.


Lo ha comunicato in una nota lo stesso gruppo di Detroit, alla scadenza dell'offerta. Gm ha sottolineato che le adesioni sono state considerevolmente inferiori a quanto prefissato dal gruppo per poter procedere a una consistente riduzione del debito.

Gm ha quindi cancellato la riunione prevista per oggi con i bondholder in merito al piano di swap.

Il gruppo, infine, ha annunciato che a breve si riunira' il Cda per valutare le prossime mosse da adottare

 

[paologorgo]

27.05.09 13:40 - Gm: non raggiunto livello minimo adesione offerta swap
DETROIT (MF-DJ)--General Motors ha annunciato che non e' stato raggiunto il livello minimo di adesioni alla sua proposta di swap debito/azioni.

Lo ha comunicato in una nota lo stesso gruppo di Detroit, alla scadenza dell'offerta. Gm ha sottolineato che le adesioni sono state considerevolmente inferiori a quanto prefissato dal gruppo per poter procedere a una consistente riduzione del debito.

Gm ha quindi cancellato la riunione prevista per oggi con i bondholder in merito al piano di swap.

Il gruppo, infine, ha annunciato che a breve si riunira' il Cda per valutare le prossime mosse da adottare

riporto la P/R di GM:

GM Exchange Offers for Outstanding Public Debt Expire

DETROIT, May 27 /CNW/ -- General Motors Corp. (NYSE: GM) today announced
the expiration of its exchange offers for $27.2 billion of its unsecured
public notes and the related consent solicitations that were commenced on
April 27, 2009. No further tenders of notes will be accepted and any notes
previously tendered pursuant to the exchange offers will be promptly returned
to the tendering holders.

The exchange offers expired at 11:59 p.m. EDT on May 26, 2009, at which
time the principal amount of notes tendered was substantially less than the
amount required by GM to satisfy the debt reduction requirement under its loan
agreements with the U.S. Department of the Treasury, to meet the debt
reduction objectives under its viability plan, or to meet the minimum tender
condition of the exchange offers as required by the U.S. Treasury. Since these
conditions, as well as certain other conditions, have not been satisfied, the
exchange offers will not be consummated.

Due to the foregoing, GM has also cancelled the meetings of noteholders
with respect to each series of non-US dollar-denominated notes which were
scheduled to take place on May 27, 2009 in relation to certain amendments
proposed in connection with the exchange offers.

The GM Board of Directors will be meeting to discuss GM's next steps in
light of the expiration of the exchange offers.