Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA (3 lettori)
- Creatore Discussione Imark
- Data di Inizio
paologorgo
Chapter 11
Motors Liquidation Co., the remains of the former General Motors Corp. still in bankruptcy, is crying foul over nearly $1.35 billion in mostly unsecured claims against the company.
discipline
Forumer storico
Non tenerci sulle spine, posta pure il resto...
MLC and its affiliated debtors submitted four omnibus objections Thursday in the U.S. Bankruptcy Court for the Southern District of New York, seeking to disallow and expunge 360 claims that...
paologorgo
Chapter 11
Second Motion to Extend Exclusivity Period for Filing a Chapter 11 Plan and Disclosure Statement/Second Motion of Debtors for Entry of Order Pursuant to 11 U.S.C. § 1121(d) Extending Exclusive Periods in Which Debtors May File Chapter 11 Plan and Solicit Acceptances Thereof (Objection Deadline: 01/13/2010 at 4:00 p.m.) filed by Joseph H. Smolinsky on behalf of Motors Liquidation Company. With hearing to be held on 1/20/2010 at 09:45 AM at Courtroom 621 (REG) Responses due by 1/13/2010, (Smolinsky, Joseph) (Entered: 01/06/2010)
paologorgo
Chapter 11
Non tenerci sulle spine, posta pure il resto...
MLC and its affiliated debtors submitted four omnibus objections Thursday in the U.S. Bankruptcy Court for the Southern District of New York, seeking to disallow and expunge 360 claims that...
01/07/2010 4759 Objection to Motion/Debtors' Ninth Omnibus Objection To Claims (Claims With Insufficient Documentation) (Objection Deadline: 02/03/2010 at 4:00 p.m.) filed by Joseph H. Smolinsky on behalf of Motors Liquidation Company with hearing to be held on 2/10/2010 at 09:45 AM at Courtroom 621 (REG) Objections due by 2/3/2010. (Smolinsky, Joseph) (Entered: 01/07/2010)
01/07/2010 4758 Objection to Motion/Debtors' Eighth Omnibus Objection To Claims (Claims With Insufficient Documentation) (Objection Deadline: 02/03/2010 at 4:00 p.m.) filed by Joseph H. Smolinsky on behalf of Motors Liquidation Company with hearing to be held on 2/10/2010 at 09:45 AM at Courtroom 621 (REG) Objections due by 2/3/2010. (Smolinsky, Joseph) (Entered: 01/07/2010)
01/07/2010 4757 Objection to Motion/Debtors' Seventh Omnibus Objection To Claims (Duplicate Claims) (Objection Deadline: 02/03/2010 at 4:00 p.m.) filed by Joseph H. Smolinsky on behalf of Motors Liquidation Company with hearing to be held on 2/10/2010 at 09:45 AM at Courtroom 621 (REG) Objections due by 2/3/2010. (Smolinsky, Joseph) (Entered: 01/07/2010)
01/07/2010 4756 Objection to Motion/Debtors' Sixth Omnibus Objection To Claims (Amended And Superseded Claims) (Objection Deadline: 02/03/2010 at 4:00 p.m.) filed by Joseph H. Smolinsky on behalf of Motors Liquidation Company with hearing to be held on 2/10/2010 at 09:45 AM at Courtroom 621 (REG) Objections due by 2/3/2010. (Smolinsky, Joseph) (Entered: 01/07/2010)
paologorgo
Chapter 11
General Motors filed with the U.S. Bankruptcy Court a motion for entry of an order, pursuant to 11 U.S.C. § 105(a) and General Order M-390, authorizing implementation of alternative dispute resolution procedures, including mandatory mediation. The motion states, “In light of the size of this historic case and the need for expeditious and equitable resolution of the multitude of disputed, unliquidated, and contingent claims to facilitate confirmation of a feasible plan, the exercise of the Court’s broad powers under section 105(a) is both necessary and appropriate.” The Court scheduled a February 10, 2010 hearing to consider the motion and the objection deadline is February 3, 2010.
discipline
Forumer storico
Esercitare i "broad powers" vuol dire discrezionalità e carta bianca nel rifiutare le migliaia di richieste di ammissione al credito per i motivi più vari, giusto?
Ultima modifica:
frankiemachine
Mr. Tentenna
d'ora in poi o traduci o (ancora meglio) fai un sunto in italiano.......altrimenti KAPUTTT!!!
paologorgo
Chapter 11
d'ora in poi o traduci o (ancora meglio) fai un sunto in italiano.......altrimenti KAPUTTT!!!
giusto, traduco il tuo intervento: mi stai ringraziando di cuore per avere evidenziato un aspetto che può venire a vantaggio degli obbligazionisti, ovvero che GM ha intenzione di chiedere alla corte di potere fare piazza pulita di tutte quelle richieste che non siano i semplici debiti iscritti a bilancio, come le obbligazioni.
E' che hai un modo abbastanza involuto di ringraziare...
Imark
Forumer storico
Un upgrade di Fitch consente di fare il punto sullo stato dell'arte in casa Ford...
Fitch Upgrades Ford & Ford Credit to 'B-'; Outlook Positive
11 Jan 2010 3:56 PM (EST)
Fitch Ratings-New York-11 January 2010
Fitch Ratings has upgraded the Issuer Default Rating (IDR) for Ford Motor Company (Ford) and Ford Motor Credit Company (Ford Credit) to 'B-' from 'CCC'; the Outlook remains Positive. The upgrade is based on an improved macroeconomic environment, Ford's current cost/pricing/margin trends, product competitiveness, solid near-term product pipeline, liquidity position and cashflow prospects.
Fitch expects that Ford will turn cashflow positive in 2010 as an improving economic outlook and stabilizing retail financing availability allow the U.S. market to achieve an annualized run-rate of more than 11.5 million units in the second half of 2010.
An important factor in the upgrade is Ford Credit's improving access to capital for retail and dealer financing. Fitch had previously cited the factors listed below as rationale for an upgrade. These points have been largely met, and will remain the drivers of future upgrades.
--Industry sales rebound to an annual 12 million sales level more quickly than currently forecast;
--Ford's products continue to hold or gain share;
--Inventory management at Ford and the industry allows Ford to hold or improve product prices;
--A clear path to positive free cash flow is projected;
--Liabilities continue to be managed or addressed;
--Independent access to capital by Ford Credit improves.
Although Fitch expects a relatively modest rebound in industry sales in 2010 given macroeconomic conditions, a reversal to the trough levels of 2009 is viewed as increasingly remote. Although industry unit sales in 2009 were abysmal, Ford picked up an impressive 1.2% of market share in the U.S., demonstrating competitiveness across product segments. Even in the event of a relatively flat rebound, Ford's cost-cutting realizations, market share performance, and pricing indicate that any cash drains will be limited and can be very comfortably managed within Ford's liquidity position.
Ford has been consistently disciplined in its production and inventory management, and this has allowed the company to demonstrate solid price performance through the first nine months of 2009.
The step-changes to Ford's cost structure will have largely played out in the first half of 2010 (although a new buyout program was recently announced) meaning that margin restoration will become increasingly dependent on price/volume improvement.
Elevated commodity costs remain a risk for inputs including steel, copper, fuel, etc., which could be exacerbated by any extended weakness in the U.S. dollar. A spike in fuel prices, of course, also poses risks on the demand side. Although pricing will remain a challenge for the overall industry, Ford's product competitiveness, technology features and healthy product pipeline over the next several years indicate that Ford should continue to outperform the industry.
On the smaller end of its product lineup, where the consumer is migrating, Ford is exhibiting strong competitiveness. Margins on these products are also expected to benefit from technology and content.
Looking into 2011, it is assumed that the U.S. market could eventually reach an annualized sales level of 12.5 million units, at which point Ford's free cash flow could reach $4 billion-$5 billion. Further upgrades could occur in 2010 if the outlook for U.S. economic growth and industry sales continues to improve.
Liquidity remains strong at approximately $24 billion (pro-forma for certain capital markets transactions). Ford has demonstrated steady access to capital, including $2.9 billion in convertibles at Ford, repeated unsecured debt issues at Ford Credit in the last six months, and two TALF dealer floorplan issuances in the amount of $2 billion. The improved access to credit by Ford Credit (although at a cost) is a primary factor in the upgrade. Ford will be receiving a total of $5.9 billion in loans from the Department of Energy.
With improved liquidity prospects, Ford should be in a position in 2010 to begin the long process of repairing its balance sheet. Ford's balance sheet will remain burdened by total debt of approximately $35 billion, plus required pension contributions. A primary driver of Ford's ability to manage its liquidity and growth in liabilities has been its repeated willingness to issue equity.
Fitch expects Ford to use equity to the maximum extent possible (50%) to service its VEBA funding obligation, and could use equity to service its pension obligations as well.
Open-market debt repurchases, equity exchanges and equity issuances may all be part of the equation, which in combination with EBITDA growth, should result in fairly rapid deleveraging. Ford's retention of Ford Credit is a positive to the company's credit and earnings profile, but the company will remain at a competitive disadvantage to transplant competitors with better access to capital and a lower cost of capital.
Ford also termed out the majority of its December 2011 bank agreement to 2013, addressing its pending near-term maturity issue. The size of the facility was reduced from $10.7 billion to $8.1 billion, with $7.2 billion of it maturing in 2013.
Ford and the auto industry still face numerous challenges to regaining sustainable profitability and adequate returns on investment. The industry will remain saddled with overcapacity in the U.S. (and globally), despite significant capacity reductions by the Detroit 3.
The lower reset of the U.S. demand curve, coupled with scheduled plant and product expansions (Volkswagen, Kia, Fiat) indicate that overcapacity and the associated price competition will remain characteristic of the industry through the next cycle.
Over the near term, growing regulatory and legislative issues are expected to increase industry costs, adversely affect margins, restrict access to capital and elevate the cost of capital.
Such things as fuel taxes, gas-guzzler taxes, state and local tax levies, tax incentives, and environmental, fuel-efficiency, safety and urban quality of life issues can all serve to alter auto demand and investment, raising uncertainties for investors. (See Fitch's report 'Macroeconomic Concerns Cloud Recovery for U.S. Autos in 2010', dated Nov. 23, 2009 and available on Fitch's website.)
The upgrade of Ford Credit and its related subsidiaries reflects the strong linkage between the ratings of Ford Credit and Ford. In addition, Ford Credit has demonstrated the ability to finance its business independent of government programs on both a secured and unsecured basis, one key element driving the upgrade of Ford. With approximately $24 billion available, Ford Credit's liquidity position is considered strong for the current rating.
Fitch Upgrades Ford & Ford Credit to 'B-'; Outlook Positive
11 Jan 2010 3:56 PM (EST)
Fitch Ratings-New York-11 January 2010
Fitch Ratings has upgraded the Issuer Default Rating (IDR) for Ford Motor Company (Ford) and Ford Motor Credit Company (Ford Credit) to 'B-' from 'CCC'; the Outlook remains Positive. The upgrade is based on an improved macroeconomic environment, Ford's current cost/pricing/margin trends, product competitiveness, solid near-term product pipeline, liquidity position and cashflow prospects.
Fitch expects that Ford will turn cashflow positive in 2010 as an improving economic outlook and stabilizing retail financing availability allow the U.S. market to achieve an annualized run-rate of more than 11.5 million units in the second half of 2010.
An important factor in the upgrade is Ford Credit's improving access to capital for retail and dealer financing. Fitch had previously cited the factors listed below as rationale for an upgrade. These points have been largely met, and will remain the drivers of future upgrades.
--Industry sales rebound to an annual 12 million sales level more quickly than currently forecast;
--Ford's products continue to hold or gain share;
--Inventory management at Ford and the industry allows Ford to hold or improve product prices;
--A clear path to positive free cash flow is projected;
--Liabilities continue to be managed or addressed;
--Independent access to capital by Ford Credit improves.
Although Fitch expects a relatively modest rebound in industry sales in 2010 given macroeconomic conditions, a reversal to the trough levels of 2009 is viewed as increasingly remote. Although industry unit sales in 2009 were abysmal, Ford picked up an impressive 1.2% of market share in the U.S., demonstrating competitiveness across product segments. Even in the event of a relatively flat rebound, Ford's cost-cutting realizations, market share performance, and pricing indicate that any cash drains will be limited and can be very comfortably managed within Ford's liquidity position.
Ford has been consistently disciplined in its production and inventory management, and this has allowed the company to demonstrate solid price performance through the first nine months of 2009.
The step-changes to Ford's cost structure will have largely played out in the first half of 2010 (although a new buyout program was recently announced) meaning that margin restoration will become increasingly dependent on price/volume improvement.
Elevated commodity costs remain a risk for inputs including steel, copper, fuel, etc., which could be exacerbated by any extended weakness in the U.S. dollar. A spike in fuel prices, of course, also poses risks on the demand side. Although pricing will remain a challenge for the overall industry, Ford's product competitiveness, technology features and healthy product pipeline over the next several years indicate that Ford should continue to outperform the industry.
On the smaller end of its product lineup, where the consumer is migrating, Ford is exhibiting strong competitiveness. Margins on these products are also expected to benefit from technology and content.
Looking into 2011, it is assumed that the U.S. market could eventually reach an annualized sales level of 12.5 million units, at which point Ford's free cash flow could reach $4 billion-$5 billion. Further upgrades could occur in 2010 if the outlook for U.S. economic growth and industry sales continues to improve.
Liquidity remains strong at approximately $24 billion (pro-forma for certain capital markets transactions). Ford has demonstrated steady access to capital, including $2.9 billion in convertibles at Ford, repeated unsecured debt issues at Ford Credit in the last six months, and two TALF dealer floorplan issuances in the amount of $2 billion. The improved access to credit by Ford Credit (although at a cost) is a primary factor in the upgrade. Ford will be receiving a total of $5.9 billion in loans from the Department of Energy.
With improved liquidity prospects, Ford should be in a position in 2010 to begin the long process of repairing its balance sheet. Ford's balance sheet will remain burdened by total debt of approximately $35 billion, plus required pension contributions. A primary driver of Ford's ability to manage its liquidity and growth in liabilities has been its repeated willingness to issue equity.
Fitch expects Ford to use equity to the maximum extent possible (50%) to service its VEBA funding obligation, and could use equity to service its pension obligations as well.
Open-market debt repurchases, equity exchanges and equity issuances may all be part of the equation, which in combination with EBITDA growth, should result in fairly rapid deleveraging. Ford's retention of Ford Credit is a positive to the company's credit and earnings profile, but the company will remain at a competitive disadvantage to transplant competitors with better access to capital and a lower cost of capital.
Ford also termed out the majority of its December 2011 bank agreement to 2013, addressing its pending near-term maturity issue. The size of the facility was reduced from $10.7 billion to $8.1 billion, with $7.2 billion of it maturing in 2013.
Ford and the auto industry still face numerous challenges to regaining sustainable profitability and adequate returns on investment. The industry will remain saddled with overcapacity in the U.S. (and globally), despite significant capacity reductions by the Detroit 3.
The lower reset of the U.S. demand curve, coupled with scheduled plant and product expansions (Volkswagen, Kia, Fiat) indicate that overcapacity and the associated price competition will remain characteristic of the industry through the next cycle.
Over the near term, growing regulatory and legislative issues are expected to increase industry costs, adversely affect margins, restrict access to capital and elevate the cost of capital.
Such things as fuel taxes, gas-guzzler taxes, state and local tax levies, tax incentives, and environmental, fuel-efficiency, safety and urban quality of life issues can all serve to alter auto demand and investment, raising uncertainties for investors. (See Fitch's report 'Macroeconomic Concerns Cloud Recovery for U.S. Autos in 2010', dated Nov. 23, 2009 and available on Fitch's website.)
The upgrade of Ford Credit and its related subsidiaries reflects the strong linkage between the ratings of Ford Credit and Ford. In addition, Ford Credit has demonstrated the ability to finance its business independent of government programs on both a secured and unsecured basis, one key element driving the upgrade of Ford. With approximately $24 billion available, Ford Credit's liquidity position is considered strong for the current rating.