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

[paologorgo]

so anche delle obiezioni del 'Comitato Vittime della Fistole Anale' e 'Amici dell'Onicofagia'.......vedremo

sai che a fare così rischi il trasferimento nel "cazzeggio" - ma soprattutto come investitore (o investito? ) GM devi sapere che ogni comitato che spilla soldi rischia di condividere con te il 10%azioni+15%warrant... , meno ce n'è meglio è....

 

[frankiemachine]

sai che a fare così rischi il trasferimento nel "cazzeggio" - ma soprattutto come investitore (o investito? ) GM devi sapere che ogni comitato che spilla soldi rischia di condividere con te il 10%azioni+15%warrant... , meno ce n'è meglio è....

si si
so tutto

 

[paologorgo]

una chicca, la precisazione: potete riportarci la macchina dopo 60 giorni, ma solo se non siete in ritardo con i pagamenti. Ed io che pensavo che se hai venduto una macchina ad uno che non paga neanche la prima rata, ti facesse un piacere se te la restituisce...

GM will offer 60-day, money-back guarantee on new cars

Frustrated that many shoppers won't even consider its cars, General Motors says starting Sunday, buyers of new GM models can bring them back within 60 days, no questions asked, and get back the price of the car.
It's the first time such a money-back program has been offered by an automaker in the U.S. GM's Vauxhall brand used it in the U.K. some years ago, GM marketing chief Bob Lutz says, and only 2% to 3% of buyers brought vehicles back for refunds — about what he expects for the U.S. program.
"There is a certain amount of risk. So what? Doing nothing is not an option," he says.

GM will provide more information starting Sunday at gm.com/guarantee.
Some details:
• The vehicle must be a new 2009 or 2010 Buick, Cadillac, Chevrolet or GMC.
• It must be returned between 31 and 60 days from purchase.
• It must have no more than 4,000 miles.
• The buyer can't be behind in payments.
• If the purchase loan included an additional amount to pay off the loan on a trade-in above what the trade-in was worth, that portion won't be refunded.
The conditions are meant to be simple. "We're not going to have a screen full of warnings like in those drug ads where you see the happy geriatric couple and a guy is telling you, 'Taking this medication while eating grapefruit can result in loss of eyesight'," Lutz says.
The program initially lasts through the end of Novermber, Lutz says, but could be extended, depending on how well it goes.

http://www.usatoday.com/money/autos/2009-09-10-gm-money-back-guarantee_N.htm?csp=34

 

[paologorgo]

BERLIN (Dow Jones)--Binding agreements on General Motors Co.'s sale of a majority stake in its Opel/Vauxhall unit to a consortium led by Magna International Inc. (MGA) will be signed within two or three weeks, GM executive John Smith said Thursday.
Earlier Thursday, GM said it would sell a 55% stake in Opel/Vauxhall to Canadian car-parts maker Magna and Russian bank OAO Sberbank (SBER.RS), with employees taking a 10% stake and the U.S. automaker retaining 35%.
Magna and Sberbank are investing EUR500 million for the Opel stake, including EUR450 million in equity and a EUR50 million convertible loan, said Smith, GM's Vice-President of Business Development and lead negotiator on the Opel investor search.
No German Opel plants will be closed under the deal, said Smith, adding the Opel plant in Antwerp will be idled.
GM retains the right to name Opel's sales chief for two years, Smith said.

http://online.wsj.com/article/BT-CO-20090910-712153.html

 

[paologorgo]

GM CFO Ray Young to Leave. More to follow?

Posted by: David Welch on September 09

General Motors CFO Ray Young will soon be headed for the door. Sources in the company said he has been looking to leave for some time. But he was also under pressure following a review of the company’s finance operations that was completed for the new board by the Treasury Department’s Auto Task Force in early August. He hasn’t even left the company. But he is already exploring other opportunities.
Sources say Young was not fired, but he was certainly feeling the heat and decided to look outside. There could be even more departures coming. Company insiders say that executive headhunters are combing the company for talented veterans who may want to leave for greener pastures. One headhunter, who asked that he not be named, says he has received plenty of resumes from GM executives. Why not? Certainly many companies with publicly-traded stocks and better prospects can offer fatter salaries, bonuses and stock options.
Plus, GM managers are under a lot of pressure these days. GM’s new board wants to see that the company is moving to change its insular culture. They also want to see signs of growth fast. New Chairman Ed Whitacre has said in internal meetings with GM executives and staffers that he wants to see better sales results in a few months, say sources briefed on the meetings. If not, some managers may be booted out. The company has to demonstrate that it has a plan to grow market share and revenue. GM’s board is also pressuring management to get its new products to market faster. There is concern among the new directors that GM doesn’t have enough new cars in the pipeline to hit sales and profit targets, says one executive briefed on the board’s discussions. In recent reviews of GM’s future models, board members said they liked what they saw but can’t understand why it takes the company so long to get the cars to market. “If it’s a 48-month program they want it done in 36 months. If it’s 36 months, they want it in 24 months,” says one GM manager. “It’s being suggested that we have to work faster than ever.”


http://www.businessweek.com/autos/autobeat/archives/2009/09/gm_cfo_ray_youn.html

 

[paologorgo]

così Shark ha qualcosa da copiare...

GM to Cut 1,000 Salaried Jobs After 1,900 Workers Take Buyouts

By Katie Merx
Sept. 9 (Bloomberg) -- General Motors Co. will cut about 1,000 salaried jobs this month after 1,900 non-union workers accepted buyout and early-retirement offers to help trim costs.
Most of the employees will be gone by Oct. 1, a spokesman, Tom Wilkinson, said today in an interview. Those who volunteered to retire will receive enhanced benefits, while less-senior workers will get as much as six months of pay and benefits, or as much as a year for executives, Wilkinson said.
GM is shrinking its workforce to match reductions across its operations, including the shutdown of 14 U.S. plants and three warehouses by the end of 2011 and the planned sale or elimination of half its eight domestic brands.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a6cVxC5saLgM

 

[paologorgo]

DEARBORN, Mich. -- Ford Motor Co. said Friday its board of directors has adopted a plan designed to deter shareholders who hold more than a 5 percent stake from increasing their ownership, in order to protect its tax assets.
Were shareholders allowed to hold a bigger stake, the automaker would lose access to certain tax shelters and face increased federal income-tax liability. At the end of 2008, Ford had tax credits, net operating and capital losses offsetting $19 billion in future taxable income.
Ford said the U.S. tax code would limit its use of such tax attributes as credits and capital losses if shareholders with a 5 percent or greater stake in the company were to collectively increase their holdings by more than 50 percent over a rolling three-year period.
The tax preservation plan would be triggered by a shareholder acquiring a stake in the company of more than 4.9 percent. It would also be triggered if an existing holder acquired more than one half of one percent of common shares.
Under the terms of the plan, Ford's board of directors declared Wednesday a dividend right to purchase one share of common stock for every outstanding share at a discount, should an ownership change occur. Exercising the right would dilute the 5 percent shareholder and protect Ford's tax attributes.
Ford would not describe the move as a "poison pill" to protect the company from a sizable ownership change.
"This is solely a plan to protect a valuable asset and is not a takeover prevention plan in any way," said Peter Sherry Jr., Ford's corporate secretary and associate general counsel. "Terms of the plan are tailored to the tax benefit."


http://www.miamiherald.com/business/nation/story/1228596.html

 

[Imark]

DEARBORN, Mich. -- Ford Motor Co. said Friday its board of directors has adopted a plan designed to deter shareholders who hold more than a 5 percent stake from increasing their ownership, in order to protect its tax assets.
Were shareholders allowed to hold a bigger stake, the automaker would lose access to certain tax shelters and face increased federal income-tax liability. At the end of 2008, Ford had tax credits, net operating and capital losses offsetting $19 billion in future taxable income.
Ford said the U.S. tax code would limit its use of such tax attributes as credits and capital losses if shareholders with a 5 percent or greater stake in the company were to collectively increase their holdings by more than 50 percent over a rolling three-year period.
The tax preservation plan would be triggered by a shareholder acquiring a stake in the company of more than 4.9 percent. It would also be triggered if an existing holder acquired more than one half of one percent of common shares.
Under the terms of the plan, Ford's board of directors declared Wednesday a dividend right to purchase one share of common stock for every outstanding share at a discount, should an ownership change occur. Exercising the right would dilute the 5 percent shareholder and protect Ford's tax attributes.
Ford would not describe the move as a "poison pill" to protect the company from a sizable ownership change.
"This is solely a plan to protect a valuable asset and is not a takeover prevention plan in any way," said Peter Sherry Jr., Ford's corporate secretary and associate general counsel. "Terms of the plan are tailored to the tax benefit."


http://www.miamiherald.com/business/nation/story/1228596.html

Insomma, si prospettano ghiotti dividendi in Ford... ciapet

 

[paologorgo]

AMENDED NOTICE OF AGENDA OF MATTERS SCHEDULED
FOR HEARING ON SEPTEMBER 14, 2009 at 9:00 a.m. AND 10:30 a.m.


Debtors’ Motion for Order Pursuant to Section 502(b)(9) of the
Bankruptcy Code and Bankruptcy Rule 3003(c)(3) Establishing the
Deadline for Filing Proofs of Claim Including Claims Under Section
503(b)(9) of the Bankruptcy Code and Procedures Relating Thereto and
Approving the Form and Manner of Notice Thereof [Docket No. 3940]
Response Deadline: September 9, 2009 at 4:00 p.m.
Responses Filed:
A. Objection of the Ad Hoc Committee of Asbestos Personal
Injury Claimants to Motion for Order Pursuant to Section
502(b)(9) of the Bankruptcy Code and Bankruptcy Rule
3003(c)(3), Establishing the Deadline for Filing Proofs of
Claim (Including Claims Under Section 503(b)(9) of the
Bankruptcy Code) and Procedures Relating Thereto and
Approving the Form and Manner of Notice Thereof
[Docket No. 3997]
Replies Filed:
B. Reply of Debtors to Objection of Ad Hoc Committee of
Asbestos Personal Injury Claimants to Motion of Debtors
for Order Pursuant to Section 502(B)(9) of the Bankruptcy
Code And Bankruptcy Rule 3003(C)(3), Establishing the
Deadline for Filing Proofs of Claim (Including Claims
Under Section 503(B)(9) of the Bankruptcy Code) and
Procedures Relating thereto and Approving the Form and
Manner of Notice Thereof [Docket No. 4013]
Additional Document(s): None to date.
Status: This matter is going forward.

 

[paologorgo]

ghiotti dividendi, dal 2015:

This afternoon, John Smith, General Motors’ lead negotiator in the Opel-Magna talks, discussed the newly minted sale of its Opel and Vauxhall units to a consortium led by Canadian-Austrian auto-parts maker Magna International.
In a conference call in which he sounded weary but generally pleased, Smith told reporters about the financing, brushed off criticism that GM had dragged out the talks and even managed to crack a joke. Here are some highlights:
Financing. In short, it’s a pretty sweat deal for the new owners of Opel: GM, Magna International and Sberbank, Russia’s state owned bank. The German government will provide about $6 billion in loans through its state-owned banks. Germany plans to syndicate those loans to other European countries, particularly those with Opel plants. Magna-Sberbank would contribute about $650 million in equity.
What is the interest rate on the government loans? Opel will collateralize about half of the $6 billion in loans that will carry a rate of 5.4% rate. The noncollateralized loans will carry a rate of 10%.
When will New Opel Be Profitable? On paper, 2011. But before shareholders are able to share in that profit, Opel will need to pay back the German government, which it expects to do by the end of 2014. Shareholders can expect to be paid dividends starting in 2015.
Was GM toying with the German government during the Opel talks? After all, GM accepted a rival bid from RHJ International, but ended up going with Magna, which the German government had backed. To which Smith responded: “This was a negotiation, and these were three parties trying to angle to their advantage.” Smith added: “You’d be hard pressed to find a deal of this size getting done” in less time.
Why the change of heart about Magna? Smith was vague about how GM was able to resolve certain “outstanding issues” in the Magna offer. But he made this clear: Germany’s offer to back the Magna bid was too good to pass up in the end: “It’s not unimportant for someone to say they will finance the whole deal,’’ Smith said.
Who will run the new Opel? GM will select four members of the eight-person operating committee and Magna-Sberbank will chose the other four, including the CEO. (That seems to give GM a disproportionate share of control since it owns only 35% of the new company.) Smith says it breaks down that way because GM has more experience running a car maker than does Magna.

http://blogs.wsj.com/deals/2009/09/10/the-411-on-gms-magna-opel-deal/?mod=yahoo_hs