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

[paologorgo]

che non si dica che il chapter 11 non può essere utilizzato per ridurre anche i privilegi...

GM will cut pension plans for top executives

WASHINGTON, June 12 (Reuters) - General Motors Corp (GMGMQ.PK) will cut its senior executive pension plans by up to two-thirds as part of its bankruptcy restructuring, the company's chief executive told a U.S. House Energy and Commerce subcommittee on Friday.
Fritz Henderson told reporters after the hearing that the reductions apply to certain plans for executive retirees making more than $100,000 annually.
Henderson said there was no resolution yet on the pension for former CEO Rick Wagoner, who ousted by the Obama administration which is overseeing GM's Chapter 11 restructuring.
"That issue is still being reviewed by the board of directors and the compensation committee," Henderson said. "I'm not involved in this."
Henderson is a GM board member.
Wagoner, 55, worked for GM for 31 years and accumulated more than $20 million in pension benefits, which would have begun paying out at age 60.

http://www.reuters.com/article/marketsNews/idINN127968420090612?rpc=44

 

[Imark]

Se ne parlava con qualcuno in privato del come stia messa GMAC. Dopo l'intervento di S&P, ora arriva quello di Moody's che è leggermente più ottimista, stante il sostegno assicurato alla società dal Governo USA ed il ruolo che essa dovrebbe svolgere, almeno nel breve termine, nel segmento dell'automotive USA.

Nonostante l'accesso alle garanzie federali e al funding tramite trasferimento di asset alla banca del gruppo, resta da capire da dove arriveranno i mld $ in nuova equity richiesti come risultato dello stress test.

Moody's ipotizza un distressed exchange sul debito per riuscire ad ottenere almeno in parte un tale risultato, ma resta scettica sulle possibilità di successo, non comprendendosi le ragioni per cui ad esso dovrebbero aderire i creditori, se lo scopo ultimo dell'operazione è di garantire la viability di GMAC.

Il che rende necessario recuperare altrimenti 8 mld $ di nuova equity e capitale Tier 1 entro novembre 2009, con un'operazione che - secondo Moody's - non può prescindere da un nuovo intervento di supporto del Governo USA.

Anche guardando in avanti, ulteriori problemi si pongo con riferimento al deterioramento degli asset detenuti da GMAC e da ResCap, che continuerà ad avere bisogno di supporto da parte di GMAC in termini di apporti di liquidità.

Nel medio e nel lungo termine, resta il problema di capire quale modello di funding possa essere adottabile per GMAC, che non può certo dipendere ad oltranza dal sostegno governativo.


[FONT=verdana,arial,helvetica]Moody's upgrades GMAC to Ca and reviews ratings for further possible upgrade[/FONT]

[FONT=verdana,arial,helvetica]New York, June 10, 2009 -- Moody's Investors Service upgraded the senior unsecured rating of GMAC LLC to Ca from C. In addition, Moody's placed GMAC's senior unsecured and preferred stock ratings (currently C) on review for further possible upgrade. The ratings of Residential Capital LLC (ResCap, senior at C), GMAC's residential mortgage finance subsidiary, were not affected by this action. [/FONT]

[FONT=verdana,arial,helvetica]Moody's said the upgrade of GMAC's rating reflects the firm's lower bankruptcy risk resulting from the U.S. government's support of the firm, including significant capital injections that have improved its liquidity and capital positions, partial U.S. government ownership, and GMAC's role in the U.S. government's efforts to reinvigorate the U.S. domestic auto industry. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Of continuing concern, GMAC must yet raise substantial additional equity to comply with the requirements of the recently concluded stress tests under the U.S. government's Supervisory Capital Assessment Program.[/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Though it is possible that GMAC could seek to fill a portion of the additional capital need through a distressed debt exchange, Moody's believes the motivation of bondholders to accept the terms of a distressed exchange are uncertain, given GMAC's lower risk of bankruptcy. Were such an exchange commenced, Moody's also believes that the result for bondholders would be consistent with the newly assigned Ca rating. [/FONT]

[FONT=verdana,arial,helvetica]"Capital inflows, partial government ownership, and GMAC's importance to reviving GM and Chrysler point to a lower probability of near-term default," said Moody's senior analyst Mark Wasden. "However, the challenges GMAC faces in executing its business strategy and the resultant uncertainties for bondholders remain a constraint on GMAC's credit." [/FONT]

[FONT=verdana,arial,helvetica]Government support of GMAC has been multifaceted. In May, GMAC issued $7.5 billion of mandatorily convertible preferred membership interests (MCP) to the U.S. Treasury, $4 billion of which supports GMAC's agreement with Chrysler LLC to provide financing to Chrysler dealers and customers. GMAC was also approved to participate in the FDIC's Temporary Liquidity Guarantee Program (TLGP), under which it can issue up to $7.4 billion in FDIC guaranteed debt by October 2009. GMAC issued $4.5 billion of TLGP debt on June 3, which Moody's rated Aaa. The U.S. government's ownership of GMAC is about 35%, which would increase upon conversion of the U.S. Treasury's MCP's. [/FONT]

[FONT=verdana,arial,helvetica]GMAC was also granted additional flexibility to issue GM-related auto finance receivables in GMAC Bank (a/k/a Ally Bank) under an expanded 23A exemption to the Federal Reserve Act. Assets originated in the bank are funded by deposits, which are a lower cost source of funding that GMAC has continued to access throughout the current cycle. [/FONT]

[FONT=verdana,arial,helvetica]Notwithstanding these positive developments, Moody's remains cautious regarding the operating and financial challenges GMAC faces. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]In particular, it is uncertain how GMAC will raise by November 2009 the $5.6 billion of "new" and $2.4 billion of "other" capital qualifying as Tier 1 common equity that is required by regulators. Moody's believes GMAC's access to private sources of capital to meet these requirements is limited and that the firm will most likely request an additional investment from the U.S. Treasury. [/FONT]

[FONT=verdana,arial,helvetica]GMAC is also contending with asset quality deterioration in its auto finance and residential mortgage operations that could lead to further operating losses during the current downcycle. Moody's rating anticipates that ResCap will continue to require capital support from GMAC as it services a large portfolio of troubled mortgages to liquidation. [/FONT]

[FONT=verdana,arial,helvetica]Additional long-term uncertainties relate to GMAC's eventual ownership structure and liquidity profile, as well as GMAC's relationships with "new" GM and Chrysler and the strength of their future operating prospects. Moody's believes that GMAC must eventually demonstrate capital and funding strategies that don't rely upon continued U.S. government involvement in the firm. [/FONT]

[FONT=verdana,arial,helvetica]During its review of GMAC's ratings, Moody's will seek clarity regarding GMAC's capital raising plans. Should the firm successfully fill the capital requirement while preserving the status and protections of senior creditors, its long-term ratings could be upgraded to the Caa category. [/FONT]

[FONT=verdana,arial,helvetica]Noted below are the ratings affected by Moody's action: [/FONT]

[FONT=verdana,arial,helvetica]GMAC LLC: [/FONT]
[FONT=verdana,arial,helvetica]Senior Unsecured: to Ca from C [/FONT]

[FONT=verdana,arial,helvetica]GMAC Australia LLC: [/FONT]
[FONT=verdana,arial,helvetica]Backed Senior Unsecured: to Ca from C [/FONT]

[FONT=verdana,arial,helvetica]GMAC Bank GMBH: [/FONT]
[FONT=verdana,arial,helvetica]Backed Senior Unsecured: to Ca from C [/FONT]

[FONT=verdana,arial,helvetica]GMAC International Finance B.V.: [/FONT]
[FONT=verdana,arial,helvetica]Backed Senior Unsecured: to Ca from C [/FONT]

[FONT=verdana,arial,helvetica]GMAC, Australia (Finance) Limited: [/FONT]
[FONT=verdana,arial,helvetica]Backed Senior Unsecured: to Ca from C [/FONT]

[FONT=verdana,arial,helvetica]GMAC (NZ) Limited: [/FONT]
[FONT=verdana,arial,helvetica]Backed Senior Unsecured: to Ca from C [/FONT]

[FONT=verdana,arial,helvetica]General Motors Acceptance Corp. of Canada Ltd.: [/FONT]
[FONT=verdana,arial,helvetica]Backed Senior Unsecured: to Ca from C [/FONT]

[FONT=verdana,arial,helvetica]Moody's has also assigned a rating of Ca to senior unsecured debt issued to holders that tendered old bonds as a part of GMAC's December 2008 bond exchange. The exchange bonds are guaranteed by certain GMAC subsidiaries. In Moody's view, the additional creditor protections associated with the guarantees is insufficient at this time to warrant a notching differential from GMAC's senior unsecured debt that does not benefit from these guarantees. [/FONT]

[FONT=verdana,arial,helvetica]In its last rating action on November 20, 2008, Moody's downgraded GMAC's rating to C from Caa1, following GMAC's launch of a debt exchange offering that Moody's viewed as a distressed exchange. [/FONT]

....

[FONT=verdana,arial,helvetica]GMAC LLC is a global financial services company operating in the automotive finance, dealer and personal line insurance, and residential real estate finance sectors[/FONT]

 

[paologorgo]

questo è interessante. la risposta alla domanda se sia possibile, per la ristrettiva legge americana, passare l'unico vero valore della vecchia GM (le perdite pregresse... ) alla NewGm non è scontata...

General Motors Interim Procedures Approved
General Motors (GM) issued the following statement: “Associated with its recent chapter 11 filing and efforts to preserve the value of its assets, General Motors Corp. must also preserve the ability to take advantage of certain tax assets, including net operating loss carry forwards, commonly referred to as ‘NOL’s’. Trading in large amounts of GM stock and options can impact GM’s ability to take advantage of these tax assets. To help manage this issue, the United States Bankruptcy Court, Southern District of New York has established interim procedures (see news release exhibit A) requiring holders of 4.5 percent of GM common stock to notify GM of their ownership and to take certain steps before a trade can occur.” The Court scheduled a July 25, 2009 hearing to consider final approval.

 

[troppidebiti]

Fiat
Default swaps tied to Fiat SpA’s debt declined 51.5 basis points to 712. Turin-based Fiat lost out in its bid to buy GM’s Opel unit in Germany to Canadian car-parts maker Magna International Inc. The Italian carmaker leads a group that won court approval to buy most of Chrysler’s business.
Swaps on the Markit iTraxx Crossover Index of 45 companies with mostly high-risk, high-yield credit ratings dropped 37 basis points to 687 basis points, the lowest since Oct. 14, according to JPMorgan Chase & Co. prices at 12:10 p.m. in London.
Credit-default swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements. A decline signals an improvement in perceptions of credit quality.

 

[paologorgo]

At Bankruptcy Beat HQ, we’ve been checking the General Motors court docket pretty obsessively for the past two weeks for the auto maker’s applications to hire the law firms and financial advisers that are working on its bankruptcy. The lawyer and advisers have, of course, already been working on the company’s restructuring, but the court must still approve their hiring.
GM finally filed the applications on Friday with the U.S. Bankruptcy Court in Manhattan. Weil, Gotshal & Manges, home of bankruptcy superlawyer Harvey Miller, racked up $54 million in fees in the six months before GM sought Chapter 11 protection. The firm’s partners will charge up to $950 per hour for their work on the case. (Daily Bankruptcy Review’s Jacqueline Palank kindly summarizes the filing in this story.)
Restructuring advisers from AlixPartners and Evercore Partners Inc. have already made $62.2 million. Do the math, and you’ll see that GM paid at least $116.2 million to lawyers and advisers before it entered bankruptcy protection on June 1. It’s not cheap to go broke, as loyal Bankruptcy Beat readers know, but it’s a rare case that cost nearly $120 million before it even made it to court.
You can check out Weil’s application here. AlixPartners and Evercore are here and here.

http://blogs.wsj.com/bankruptcy/2009/06/15/gm-paid-weil-54m-before-bankruptcy/

 

[paologorgo]

GM reaches a deal to sell Saab to Swedish luxury carmaker Koenigsegg. No details on compensation, but the deal is tied to a $600M loan backed by the Swedish government.

S.A.

 

[Imark]

GM reaches a deal to sell Saab to Swedish luxury carmaker Koenigsegg. No details on compensation, but the deal is tied to a $600M loan backed by the Swedish government.

S.A.

Guarda in Svezia dove sono dovuti andare a cercare per trovare qualcuno che avesse a che fare con le automobili ...

 

[paologorgo]

potrebbe essere l'ultima pulizia dei denti pagata con i soldi di Shark... - per non parlare dell'ultima scatola di Viagra...

GM, Chrysler retirees race clock to get dental, eye care

Benefits to end July 1; part of UAW givebacks

Christina Rogers / The Detroit News

General Motors Corp. and Chrysler Group LLC retirees are flocking to Metro Detroit optometrists and dental offices for eye exams and teeth cleanings before those longtime benefits vanish July 1.
The benefit cuts are among broader changes approved by the United Auto Workers in May as GM and Chrysler sought to restructure before filing for bankruptcy protection. The concessions were part of an amendment to the UAW's 2007 agreement with the automakers establishing a union-run health trust fund for retirees, also known as the Voluntary Employees' Beneficiary Association or VEBA.
The cuts affect nearly 350,000 unionized GM and Chrysler retirees and will mean painful changes for those used to rich benefits and fewer out-of-pocket medical costs.
Along with losing dental and vision benefits, retirees will shoulder higher copayments for emergency room visits and prescription drugs. Catastrophic plans will no longer be offered to retirees or their surviving spouses. And retirees will lose some drug coverage, including benefits for erectile dysfunction medication.
The benefits are set to end June 30. Retirees are scrambling to get costly dentures and new pairs of glasses, providing a windfall for dental and vision offices at a time when many patients are delaying care because of higher copayments and tightening budgets.
"It's been nuts," said David Borlas, a dentist in Chesterfield who has been so busy lately he frequently works straight through his lunch hour. "Once the announcement came out, people started coming out of the woodwork. We've got people jammed on top of people."
But these same businesses recognize the rush is temporary and fear work will dry up once the cutbacks go into effect, further eroding a once reliable source of business for many medical providers.
Medical experts also worry retirees will hold off on routine care, which can help prevent minor problems from turning into costlier ones in the future.
Rupert O'Brien, chairman for the retiree chapter of UAW Local 5960 in Orion Township, said members have been rushing to get dental and vision appointments but have run into long waiting lists and encountered offices booked through the month.

http://www.detnews.com/article/20090620/AUTO01/906200363/1148/rss25

 

[paologorgo]

Questo è un aspetto del ch 11 di GM che non capisco. Vediamo se almeno riesco a spiegarlo...

DETROIT – Associated with its recent chapter 11 filing and efforts to preserve the value of its assets, General Motors Corp. must also preserve the ability to take advantage of certain tax assets, including net operating loss carry forwards, commonly referred to as “NOL’s”.

Trading in large amounts of GM stock and options can impact GM’s ability to take advantage of these tax assets. To help manage this issue, the United States Bankruptcy Court, Southern District of New York has established interim procedures (see news release exhibit A) requiring holders of 4.5 percent of GM common stock to notify GM of their ownership and to take certain steps before a trade can occur. The procedures and order will be made final after the hearing on July 25, 2009.

http://auto-media.info/news/2009/06...ransfers-of-interests-in-the-debtors-estates/

La legislazione americana sui Nols è piuttosto complessa, e tende ad impedire che le perdite pregresse possano essere utilizzate in presenza di fusioni (regola per cui la shell dovrebbe detenere almeno il 50% della proprietà della nuova azienda...) e di variazioni consistenti di proprietà (attraverso limiti alla vendita a coloro che superano il 5%). In prima approssimazione, perchè la materia è piuttosto complessa...

In una situazione normale, questo filing sarebbe una buona notizia. Segnalerebbe la preoccupazione del management di preservare questi assets, farebbe uscire allo scoperto i grossi azionisti, e magari potrebbe essere seguito da un EC (Equity Commitee). Nella speranza di una soluzione che salvaguardi gli azionisti, almeno in parte.

Ma qui, i Nols servono per essere trasferiti alla NewGM, di cui gli azionisti attuali non avranno nulla, ed ammesso che ancora esista un folle che detiene il 5% di GM, ha tutto l'interesse a cercare di liberarsi della sua quota adesso (visto che il mercato riconosce ancora più di un dollaro per un pezzo di carta che in teoria verrà cancellato al termine della procedura...), mentre l'interesse dell'azienda è opposto, ma senza che le sia possibile offrire un "vantaggio" a chi deve incentivare ad un comportamento "virtuoso".

Non fosse che trovo ancora meno spiegabile il prezzo attuale delle azioni, cercherei di capire questa strana situazione...

 

[paologorgo]

The White House is expected to announce this morning that Ford (F), Nissan (NSANY) and Tesla Motors are among the first recipients in a $25B loan program to help automakers retool their factories to produce more fuel-efficient models.

S.A.