Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA

[Tom Hanks]

14:31:55 gm: Studia migliaia tagli e ristrutturazione debito(stampa)

dowjonesgm| detroit (mf-dj)--general motors starebbe valutando la possibilita' diprocedere al licenziamento di migliaia di posti di lavoro per riuscire atagliare i costi. E' quanto riportato dall'agenzia bloomberg, che sottolinea come ilprogetto rientri nel piu' ampio piano di riassetto che gm intendepresentare il 17 febbraio al congresso americano per mantenere i 13,4miliardi di dollari gia' concessi dal governo alla societa'. Il numero deitagli potrebbe superare i 5.000 licenziamenti gia' annunciati da gm loscorso anno. Intanto, sempre secondo l'agenzia, la societa' di detroitsarebbe pronta ad avviare trattative con gli advisor, i detentori di bonde i sindacati per valutare una ristrutturazione del debito. L'obiettivosarebbe quello di ridurre, tramite un equity swap, il livello diindebitamento da 27,5 a 9,2 miliardi di dollari. Le trattative dovrebberoavere luogo quetsa settimana a detroit. Liv(fine)mf-dj news0914:30 feb 2009

 

[paologorgo]

,

o ti abbiamo lasciato senza parole o... scherzo...

We've heard a lot lately about the “Buy American” provisions being debated in the economic stimulus bill, and that made me think about how increasingly difficult, and increasingly meaningless, it is to even determine what "Buy American" really means in an increasingly globalized world economy. Consider automobiles - how do you tell the difference any more between "American cars" and "foreign cars."
1. Here's a list of 8 "American-made" vehicles produced by American UAW workers, in American factories, but for foreign-based car companies. If you purchased one of these vehicles, would that count as "buying American"?
American-made UAW vehicles:

• Mazda 6
• Mitsubishi (MITEY.PK) Eclipse
• Mitsubishi Galant
• Toyota (TM) Corolla
• Isuzu i-Series Truck
• Mazda B-series Truck
• Mitsubishi Raider Truck
• Toyota Tacoma Truck

2. What about these nine Canadian-made vehicles, produced by UAW brothers and sisters at factories in Canada, for the U.S.-based Detroit Three. They can't qualify as "American-Made" can they?:
Canadian-made UAW vehicles:

• Buick Lacrosse
• Chevrolet Impala
• Chrysler 300
• Dodge Challenger
• Dodge Charger
• Ford (F) Crown Victoria
• Lincoln Town Car
• Mercury Grand Marquis
• Pontiac Grand Prix

3. What about the Chevy Aveo, which is built by Korean automaker Daewoo for Detroit-based General Motors (GM)? Or the Chrysler PT Cruiser, built in Mexico?
4. What about the 2008 Honda (HMC) Pilot and Honda Civics, built in the U.S. with higher domestic content (70%) than the 2008 Dodge Ram (68%) and the Michigan-built Ford Mustang (65%).
5. What about the Toyota Tundra, Toyota Sienna and Honda Odyssey, which rank #5, #6 and #7 for the "Top American-Made Cars" in 2008 by Cars.com?


http://seekingalpha.com/article/119257-what-s-an-american-car-these-days?source=wl_sidebar

 

[Imark]

Ecco i tagli attravero i quali GM mirerebbe ad ottenere rinnovata fiducia dalla nuova amministrazione: 10000 lavoratori in meno worldwide e taglio delle paghe dal 3% al 7% ed al 10% per gli executives.

Questa settimana meeting fra GM UAW e bondholders per concordare u piano che abbatta di 2/3 il debito di GM, secondo le condizioni poste dal precedente governo per l'approvazione del prestito.

GM Cutting 10,000 Jobs, Reducing Pay as Much as 10% (Update2)

By Jeff Green

Feb. 10 (Bloomberg) -- General Motors Corp., the largest U.S. automaker, will cut 10,000 salaried jobs globally and reduce pay by as much as 10 percent to slash costs and prove its viability to keep $13.4 billion in government loans.

About 3,400 of GM’s 29,500 U.S. salaried workers will be dismissed by May 1, the Detroit-based automaker said in a statement. U.S. salaries will be cut temporarily by 10 percent for executives and by 3 percent to 7 percent for most others. GM said it’s reviewing salaries and benefits abroad.

“This is a dramatic step -- it shows they are turning a corner” in their restructuring plan, said Gary Chaison, a labor relations professor at Clark University in Worcester, Massachusetts. “It gives GM tremendous leverage in talking to bondholders and the unions about their own cuts.”

By Feb. 17, GM must submit to the Treasury Department a plan to reorganize, restore profit and repay $13.4 billion in U.S. loans by the end of 2011. Advisors to GM, the United Auto Workers and bondholders are in meetings this week in Detroit to negotiate agreements that cut unsecured debt by two-thirds and win concessions on labor costs, people familiar with the matter said.

GM rose 7 cents, or 2.5 percent, to $2.90 at 10:01 a.m. in New York Stock Exchange composite trading. A year ago, the stock traded for $25.80.

U.S. automakers, awaiting President Barack Obama’s appointment of a so-called car czar to oversee their restructuring, need signed preliminary accords to cut retiree and other union costs and to exchange bondholder and creditor debt for equity before next week’s deadline.

Cutting Labor Costs

GM started offering buyouts to 62,000 union workers last week and is in talks with the UAW about trimming benefits. People familiar with those buyouts said the automaker is targeting more than 10,000 union jobs and is expecting more than half that number to accept.

“People are being let go in the worst times, in the worst possible towns. It’s sad,” Chaison said. “We’ve almost become accustomed to companies cutting 10,000, 15,000 jobs.”

Last month, the company forecast U.S. industrywide sales this year of 10.5 million cars and light trucks, compared with 13.2 million last year and an average of 16 million this decade. GM said it expects global sales will fall to 57.5 million autos this year from 67.1 million last year, or about 10 percent worse than a December forecast for global sales.

GM said in the Dec. 2 report to Congress that it plans to reduce its total U.S. workforce in 2012 to 65,000 to 75,000 from 96,537 last year. Since then, GM has said the deteriorating economy is forcing the automaker to look for more savings.

CEO Pay, Too

GM Chief Executive Rick Wagoner reduced his salary to $1 and other executives agreed to pay cuts as conditions of the government loans.
The automaker reduced salaried-worker costs by 30 percent last year. The company has 73,000 salaried workers, who get fixed pay rather than an hourly rate. The so-called white-collar employees serve as engineers, accountants and designers.

“These cuts help take away the argument that they haven’t done enough themselves,” Clark University’s Chaison said. “This also gives them leverage with the public perception.”

 

[METHOS]

Taglio del debito di 2/3. Stile argentina niente da dire. Meglio questo che il nulla.
Alle volte mi chiedo che senso ha comprare debito di terzi (corporate, stato, finanziari,..) se poi i tuoi diritti di obbligazionista te li calpestano come niente. E poi mi da fastidio che alcuni debiti venngono rimborsati (fmi, lo stato usa per gm, etc..) mentre quelli degli obbligazionisti normali vengono trattati come carta straccia. Ma i miei soldi sono buoni come quelli del fmi etc...

A questo punto preferisco il default. Non hai i soldi da darmi indietro. Ok, vaffanculo e vai in bancarotta...

 

[reef]

A questo punto preferisco il default. Non hai i soldi da darmi indietro. Ok, vaffanculo e vai in bancarotta...

Per l'appunto...

================

Bondholders squeeze GM

Demands in concession talks raise threat of bankruptcy

Robert Snell and Bryce G. Hoffman / The Detroit News

General Motors Corp. bondholders want more money in exchange for forgiving billions in debt and are threatening to push the struggling automaker into bankruptcy if they don't get it, The Detroit News has learned.
GM has been negotiating with bondholders this week on a complicated debt exchange that would cut the automaker's unsecured debt by two-thirds to $9.2 billion. To get there, bondholders would have to accept about 30 cents on the dollar, which is a requirement of the automaker's $13.4 billion federal loan package.
But bondholders are demanding 50 cents on the dollar, which they say mirrors the value of concessions being negotiated with the United Auto Workers, said people familiar with the talks.
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The demands illustrate the challenges GM is facing in its talks with bondholders and raise doubts about whether the company will succeed in cutting its debt and convincing the government it can repay the loans. If GM cannot reach a deal on concessions with bondholders, as well as with the UAW, the government could recall the $9.4 billion GM has already received and effectively force the automaker into bankruptcy.
The bondholders appear to be calling GM's bluff and are arguing that the government could eventually lend the company more money if concessions can't be reached. If GM filed for bankruptcy, however, bondholders that have unsecured debt could get nothing.
A source familiar with talks cautioned that negotiations are ongoing and proposals are being exchanged among the parties.
"GM is working diligently with all of our stakeholders as we restructure our business and work toward meeting the requirements of our loan agreements with the government," spokeswoman Renee Rashid-Merem said. "We remain engaged with advisers of an ad hoc bondholder committee and the UAW in efforts to reach agreements relative to our debt restructuring goals."
The bondholders' argument goes like this: GM's hourly retiree health care obligations totaled $47 billion before the company and the UAW in 2007 agreed to reduce GM's liability to about $35 billion, to be paid into a trust to be run by the union. The company already has allocated $15 billion for that. GM wants to pay half of the remaining $20 billion in cash and half in company stock, which is a target included in GM's loan terms.
But Wall Street views GM stock, which closed Wednesday at $2.74, as basically worthless, meaning the UAW would essentially get $25 billion, or roughly half of GM's original obligation.
The bondholders are demanding that the value of their debt exchange be calculated based on the original $47 billion owed the UAW, not $25 billion, or about 50 cents on the dollar.
"We tend to side with bondholders in these negotiations," JPMorgan analyst Eric Selle said in a research note Wednesday night, adding that JP Morgan is "very encouraged by the pattern of UAW concessions," but they did not equal the sacrifice being asked of bondholders.
The UAW has agreed to end the jobs bank program that paid workers nearly full wages when there was no work.Selle says the government could fund a deal that would give bondholders 10 cents on the dollar in cash and guarantee new notes to be worth 40 cents.
GM and Chrysler LLC, which also got federal loans, must file restructuring plans by Tuesday that show how they will repay the loans, and show significant progress toward becoming viable companies by March 31, or the U.S. Treasury Department could recall the loans.
For GM, obtaining all the necessary concessions is tricky.
"No one wants to get hit disproportionately," said Gregg Lemos Stein, a credit analyst at Standard & Poor's Ratings Services. "It's a massive coordination challenge."
Bondholder negotiations are more critical for GM because the public company has many junk bonds and unsecured creditors. Chrysler is privately held and most of its bondholders are secured.
A source with knowledge of Chrysler's situation said the automaker's unsecured bondholders represent such a small percentage that a holdout would not scuttle Chrysler's ability to meet the loan terms dealing with public debt.
Lemos Stein said the comparison between the renegotiated terms of GM's union health care obligations and the bondholders' unsecured debt is appropriate.
"The health care liabilities that are also potentially being reduced as part of this plan would, in a bankruptcy proceeding, be unsecured claims, so that makes them similar to the unsecured debt held by the bondholders," he said.
Staff Writers Alisa Priddle and Christine Tierney contributed.

 

[paologorgo]

buone notizie. chissà se è ad personam o applicabile anche in altri casi...

In a rare bit of good news for struggling GM (GM), the compromise stimulus bill drafted by Congress would erase a tax liability of up to $10B that would have resulted from GM's restructuring efforts.

 

[reef]

GM talking with China's SAIC to raise cash

Thu Feb 12, 2009 9:09am EST

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By Soyoung Kim and Kevin Krolicki
DETROIT (Reuters) - General Motors Corp (GM.N) has held talks with China's SAIC Motor Corp (600104.SS) about selling part of its stake in their joint venture or other assets as the U.S. automaker races to raise cash, two sources familiar with the discussions said.
GM approached SAIC Motor in recent weeks with an offer to sell some of its stake in their 50-50 joint venture that builds and markets Buick, Cadillac and Chevrolet models in China, according to the sources.
The sources requested anonymity because they were not authorized to discuss the preliminary talks.
Such a deal would make GM a minority partner at its decade-old flagship venture in China, Shanghai General Motors Ltd, considered to be one of the remaining crown jewels in its global operations.
The discussions with SAIC Motor are taking place as GM pushes to secure big concessions from its bondholders and major union to show it can become viable under a $13.4 billion U.S. government bailout.
GM has until Tuesday to submit a new restructuring plan to the U.S. government detailing the progress it has made in cutting costs and shoring up its balance sheet.
GM and SAIC Motor had no comment.
"It is feasible that GM could cut its stake in Shanghai GM to help raise money," said analyst John Zeng of IHS Global Insight. "GM could manage to buy back the shares later if it can stave off bankruptcy, as China is one of its few bright spots in the world, if not the only one."
Shares of both SAIC Motor and FAW Xiali Automobile Co (000927.SZ) rose by their 10 percent daily limit. Analysts said GM's need for cash could provide those companies with a good expansion opportunity.
But one analyst said any retreat from its China ventures by GM could also hurt their prospects since the U.S. automaker has provided key technology and marketing expertise.
"It won't look good for SAIC if its partner is pulling back," said Guotai Junan Securities analyst Zhang Xin.
UNDER PRESSURE
Besides their passenger car tie-up, GM and SAIC have seven other joint ventures in China, including an automotive finance company modeled after GMAC and a version of GM's OnStar navigation service for the Chinese market.
In the early stages of the talks, GM signaled a willingness to consider selling other assets in China to SAIC, according to one of those with knowledge of the discussions.
It was not immediately clear how much GM could look to raise from any deal to sell assets in China. n July, GM had set a goal of raising up to $4 billion through asset sales, but the global downturn in sales and tight credit have stalled progress on potential deals.
Among the assets GM has been looking to sell are its Hummer SUV line, the Swedish brand Saab and a medium-duty truck business based in Flint, Michigan.
But an agreement to sell some of GM's assets in China could upstage those deals in size and significance.
Although GM would be surrendering a claim on one of its most promising operations, a move to sell assets in China could also help insulate it against criticism that it was using U.S. taxpayer funds to subsidize business overseas, a second person familiar with the talks said.
In China, GM and its joint ventures in China posted 6 percent sales growth in 2008, down from almost 19 percent the previous year but far outperforming the company's performance in its slumping home market.
GM's U.S. sales tumbled 23 percent last year in a downturn that accelerated in the final quarter. Some analysts have suggested that the automaker's uncertain financial prospects have started to weigh on its sales in China.
GM will update U.S. officials on progress toward clinching a range of pending or potential asset sales when it submits the new restructuring plan next week.
Other aspects of the GM plan are expected to touch on the progress that the automaker has made in cutting jobs and its debt as it battles to lower its break-even point to near the U.S. market's deeply depressed levels.
U.S. President Barack Obama said on Wednesday that the federal government could offer more aid to GM and its rivals if the automakers can show they have "a plan that works."
Industrywide U.S. auto sales plunged to a 27-year low in January, leaving GM saddled with a costly surplus of about five assembly plants in North America.
(Additional reporting by Yan Fang in SHANGHAI; Editing by Ian Geoghegan and Lisa Von Ahn)
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[reef]

UPDATE 2-Obama asks U.S. automakers for 'a plan that works'

Thu Feb 12, 2009 12:50am EST

http://javascript<b></b>:commonPopu...1141185420090212', 540, 600, 1, 'emailPopup')(Adds quotes, background, byline)
By JoAnne Allen
WASHINGTON, Feb 11 (Reuters) - The federal government may offer more help to struggling U.S. automakers but only if they show that they can be commercially viable, U.S. President Barack Obama said on Wednesday.
General Motors (GM.N) and Chrysler CBS.UL are under tight deadlines to show progress on meeting cost savings and other targets required under a $17.4 billion bailout extended by Bush administration in December.
Whether or not the automakers get additional help rests on the turnaround plans they are to submitted to the government on Feb. 17, Obama said in a White House news conference with 16 regional U.S. newspapers.
"My goal, consistently has been to offer serious help once a plan is in place that ensures long-term viability and that we're not just kicking the can down the road," Obama said. "What the nature of what that help ends up looking like, I think is going to depend on the plan."
Obama cautioned that the automakers needed to submit a realistic plan.
"If a plan is presented to us premised on 20 million sales when we just know that's not going to happen, then we're going to have to ask them to go back to the drawing board," he said.
Asked whether bankruptcy was an option for the automakers, Obama reiterated his belief that a disorganized filing could be disastrous to the economy at large. But he did not rule it out.
"My main message communicated through the Detroit papers would be 'Get me a plan that works,'" Obama said.
The Treasury Department has retained law firms with bankruptcy experience and an investment bank to advise officials on GM's taxpayer-backed restructuring and was expected to name a trustee or "czar" to oversee the process.
The Treasury Department has said it would make no decisions on industry restructuring until after turnaround plans were submitted. (Reporting by JoAnne Allen; editing by Mohammad Zargham)





© Thomson Reuters 2009 All rights reserved

 

[Imark]

UPDATE 2-Obama asks U.S. automakers for 'a plan that works'

Thu Feb 12, 2009 12:50am EST

(Adds quotes, background, byline)
By JoAnne Allen
WASHINGTON, Feb 11 (Reuters) - The federal government may offer more help to struggling U.S. automakers but only if they show that they can be commercially viable, U.S. President Barack Obama said on Wednesday.
General Motors (GM.N) and Chrysler CBS.UL are under tight deadlines to show progress on meeting cost savings and other targets required under a $17.4 billion bailout extended by Bush administration in December.
Whether or not the automakers get additional help rests on the turnaround plans they are to submitted to the government on Feb. 17, Obama said in a White House news conference with 16 regional U.S. newspapers.
"My goal, consistently has been to offer serious help once a plan is in place that ensures long-term viability and that we're not just kicking the can down the road," Obama said. "What the nature of what that help ends up looking like, I think is going to depend on the plan."
Obama cautioned that the automakers needed to submit a realistic plan.
"If a plan is presented to us premised on 20 million sales when we just know that's not going to happen, then we're going to have to ask them to go back to the drawing board," he said.
Asked whether bankruptcy was an option for the automakers, Obama reiterated his belief that a disorganized filing could be disastrous to the economy at large. But he did not rule it out.
"My main message communicated through the Detroit papers would be 'Get me a plan that works,'" Obama said.
The Treasury Department has retained law firms with bankruptcy experience and an investment bank to advise officials on GM's taxpayer-backed restructuring and was expected to name a trustee or "czar" to oversee the process.
The Treasury Department has said it would make no decisions on industry restructuring until after turnaround plans were submitted. (Reporting by JoAnne Allen; editing by Mohammad Zargham)

© Thomson Reuters 2009 All rights reserved

La vedo dura...

 

[paologorgo]

La vedo dura...

macchè, questi se la passano benissimo, o paga pantalone, o chi gli ha dato fiducia (azionisti e creditori...)...

GM to Offer Two Choices: Bankruptcy or More Aid

General Motors Corp., nearing a federally imposed deadline to present a restructuring plan, will offer the government two costly alternatives: commit billions more in bailout money to fund the company's operations, or provide financial backing as part of a bankruptcy filing, said people familiar with GM's thinking.
The competing choices, which highlight GM's rapidly deteriorating operations, present a dilemma for Congress and the Obama administration. If they refuse to provide additional aid to GM on top of the $13.4 billion already committed they risk seeing an industrial icon fall into bankruptcy.
Some experts and members of Congress say bankruptcy reorganization is the surest way for GM to cut costs and become viable. But it could be a politically unpalatable development during a recession that already has thrown millions of workers out of jobs.

Fabrizio Costantini for the Wall Street Journal

GM may close more plants under a restructuring plan it must present to the Treasury by Tuesday. Its Hamtramck, Mich., plant has been idled.

Treasury Department officials believe GM needs at least $5 billion more in U.S. loans to keep operating beyond the first quarter, said people familiar with the situation.
The call for additional funds will be a key part of the revitalization plan GM is required to file with the Treasury by Tuesday, though it is unclear whether GM will furnish a dollar amount, said people familiar with the matter. The plan is supposed to describe how the company will become self-sustaining and better compete with foreign rivals.
But it's increasingly unlikely GM will have a finished plan in time. Negotiations with GM's unions and bondholders haven't yet produced commitments to concrete concessions as required by terms of the federal loans; talks are expected to continue over the holiday weekend. People involved in the talks say progress has been slowed by the fact the Obama administration has yet to appoint a "car czar," as envisioned by the bailout program.
GM willl argue it needs the additionall government funds to stay out of bankruptcy court, people familliar with the matter said. At the same time, the company -- which previously had dismissed suggestions that it might need to file for bankruptcy -- has moved closer to such a prospect.
GM believes government funds would be needed for debtor-in-possession financing should the company seek bankruptcy because such money wouldn't be available from private sources, said people familiar with the situation.

The auto maker eventually may seek permission to extend the March 31 deadline to complete certain restructuring actions by at least several months.
Rick Wagoner, GM's chairman and chief executive, once fiercely opposed a bankruptcy filing, saying it would scare off customers. But his opinion has softened, and he has been influential in shaping the plan for a possible filing, said people involved in the strategy.
GM declined to comment.
GM's board began more seriously considering bankruptcy in November as the company's liquidity headed toward unsustainable levels. In early December, at the board's prompting, Mr. Wagoner hired bankruptcy lawyers and advisers to begin preparing a contingency plan, said people familiar with the matter.
In the months that followed, these bankruptcy experts worked alongside advisers Evercore Partners and Morgan Stanley, both of which previously worked for GM, to develop multiple options for GM's future.
One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. brands and international operations, into a new company. The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked.
GM received a tax break of around $3 billion as part of President Obama's economic stimulus plan. The break saves GM from having to pay taxes associated with its bailout.
Chrysler LLC is also due to file a viability plan Tuesday. The company is expected to submit two scenarios, one spelling out how it can restructure as an independent company and the other taking into account its tentative alliance with Fiat SpA, people familiar with the matter said.
Chrysler was given $4 billion in U.S. loans after nearly running out of money. The company is looking to Fiat to provide technology for small and midsize cars that Chrysler would build and sell under its own brands. In exchange, the Italian company would take a 35% Chrysler stake.
Other stakes in Chrysler could be parceled out to compensate the UAW and debt holders for cost concessions, leaving majority owner Cerberus Capital Management LP with a dramatically diminished holding, people familiar with the matter said. Cerberus now owns 80.1% of Chrysler, and Daimler AG 19.9%.
But like GM, Chrysler also needs more government help to stay afloat. The company has said it intends to ask for $3 billion in additional loans.
For the past few weeks, Chrysler has been urging dealers to order more vehicles to give the company enough revenue to keep going through the end of March. On Friday, executives said in a conference call that it reached its goal of bringing in 78,000 orders for February, said a dealer who participated in the call.
Chrysler declined to comment on its revamping plan.
GM's viability plan will present a restructuring strategy allowing it to be profitable in each of the regions in which it operates globally, people who have seen the plan said. The plan will include broad restructuring targets, including more than 10 plant closures in North America.
While GM's plan will include updates on talks with unions and bondholders related to concessions, the auto maker is expected to ask for leeway on when it can provide specific details about what cuts the two parties are willing to make.
Negotiations with the United Auto Workers union and a bondholders committee have been slow for several reasons. For one, both expressed frustration over the amount of sacrifice they are being asked to take, compared to other stakeholders such as dealers and even asbestos litigants. And both argued that a car czar is needed to help expedite the talks.
UAW President Ron Gettelfinger has been asking the Obama administration for more time to negotiate with the auto makers. Mr. Gettelfinger, a strong supporter of Mr. Obama's presidential campaign, is also hopeful that the government will take responsibility for some of GM's $47 billion in retiree health care obligations, said people familiar with his thinking.
House Speaker Nancy Pelosi (D., Calif.) and House Financial Services Chairman Barney Frank (D., Mass.) on Friday sent a letter to the chief executives of GM and Chrysler laying out expectations for their viability plans.
The lawmakers asked that the plans demonstrate "a commitment that the sacrifices necessary to turn the industry around will be shared equitably by all stakeholders" and "a demonstrated commitment to restructure your company's debt in a manner that protects the interests of the taxpayers."

—Deborah Solomon and Jeff McCracken contributed to this article.
Write to John D. Stoll at [email protected] and Sharon Terlep at [email protected]

http://online.wsj.com/article/SB123458663412987489.html?mod=yahoo_hs&ru=yahoo