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

[frankiemachine]

Vostre opinioni/interpretazioni del discorso di Obama?

nessuna?

 

[stockuccio]

la prima volta di un afroamericano ... non vorrai mica che gli lascino un compitino semplice ... sembrava 'vincere e vinceremo'
faccio mio il commento di uno importante ... «Trovo che il discorso del Presidente sia stato importante, ma trovo anche che ci sia un limite nel voler aiutare gli azionisti di istituzioni finanziarie in difficoltà. Oggi tutte le energie debbono essere dirette su progetti infrastrutturali» ha osservato Joe Stiglitz

 

[nochicco]

Scusate

oggi l'azione GM e' salita del 20% circa su notizie forse di aver raggiunto accordo sindacato e debito chi ne sa di piu'???? ringrazio

 

[Imark]

oggi l'azione GM e' salita del 20% circa su notizie forse di aver raggiunto accordo sindacato e debito chi ne sa di piu'???? ringrazio

Per ora non mi pare si sappia più di quanto postato dal Negus... si parla di un 10% in cash e di un ulteriore 20%-30% in azioni per i bondholders... però è da vedere...

Credo che quando da noi sarà notte fonda, potrebbero fare un'annuncio, per ora non vedo notizie fresche...

 

[nochicco]

TI

RINGRAZIO MARK

Per ora non mi pare si sappia più di quanto postato dal Negus... si parla di un 10% in cash e di un ulteriore 20%-30% in azioni per i bondholders... però è da vedere...

Credo che quando da noi sarà notte fonda, potrebbero fare un'annuncio, per ora non vedo notizie fresche...

 

[Imark]

RINGRAZIO MARK

buona serata...

 

[Imark]

Eccomi anche qui. Buona serata a tutti.

Benvenuto...

 

[Researcher]

sono d'accordo ma per ''vincente delle tre moribonde'' io intendo ''l'unica che si salva''....
se poi si salvano tutte e tre a me il 'come' francamente non interessa (a patto che mi paghino la cedola ovvio ) e tantomeno ai consumatori

Scusa, non mi sono spiegato: Ford ha la possibilità di salvarsi SENZA penalizzare i creditori, ma ristrutturando solo il business. GM e Chrysler devono PER FORZA ristrutturare il debito oltre che il business....
Ripeto, c'è una gran differenza

 

[Researcher]

Wednesday, February 25, 2009
GM gets closer on deal for investors

Bondholders signal they're willing to accept less cash for forgiving unsecured notes.

Robert Snell and Bryce G. Hoffman / The Detroit News

Negotiations between General Motors Corp. and its bondholders are progressing, with major investors signaling that they are now willing to accept less money than originally sought in exchange for forgiving billions in unsecured notes -- but only if the federal government guarantees the new debt.
Bondholders had pushed for about 50 cents on the dollar. Now, sources familiar with the situation say they are prepared to accept 40 cents on the dollar, or even 30 cents. But government backing would have to be approved by Congress, which grilled executives from Detroit's Big Three during contentious hearings late last year.
A deal is necessary for the troubled automaker to comply with a $13.4 billion federal loan package and avoid bankruptcy.

GM is required to cut its $27 billion in unsecured public debt by two-thirds under terms of the loan package it received in December. The struggling automaker has been trying to convince bondholders to trade in their existing bonds at about 30 cents on the dollar.
U.S. Treasury Department officials have signaled a willingness to consider federal guarantees to keep GM out of bankruptcy court, but they can only make proposals.
It is up to Congress to vote on them, and many members are likely to oppose any plan that has the American taxpayer guaranteeing GM's bonds.
But some on Wall Street are at least cautiously optimistic that a deal can be reached. However, they say there must be a cash component, too, to make sure all of the bondholders exchange their bonds.
"We continue to believe the government will support GM outside of a bankruptcy," JPMorgan analyst Eric Selle wrote Tuesday. "We believe the government could fund a bond exchange where 10 cents of the value is in cash and 30 cents of the value is in a guarantee of the new notes. In this scenario, the bondholders get closer to parity with the treatment of (hourly retiree health care obligations) and the 'free-rider' issue is reduced."
The new deal being discussed by GM and advisers representing the automaker's largest institutional bondholders revolves around the government funding a deal worth as much as 40 cents on the dollar. The deal would give bondholders 10 cents on the dollar in cash and the government could guarantee new notes worth 20 or 30 cents, according to two sources familiar with talks.
Two weeks ago, bondholders were pushing for a deal worth 50 cents on the dollar, which at the time would have mirrored the value of UAW concessions.
The union, GM and Chrysler LLC, which also has received federal loans, are negotiating to change funding terms for a trust the union will manage beginning next year to pay for retiree health care.
The union already has agreed to let GM freeze lump-sum bonuses and cost-of-living increases for the next two years, reduce skilled-trades positions and eventually pay less to laid-off workers, according to sources familiar with the situation.
Talks are continuing ahead of a March 31 deadline by which GM must make progress toward trimming its unsecured debt and reaching concessions with the UAW.
GM and Chrysler have received $17.4 billion in loans so far and last week increased their combined request to $39 billion. GM said it needs $2 billion next month or it could run out of cash.
In its restructuring plan submitted to the U.S. Treasury Department last week, GM addressed the possibility of reorganizing under bankruptcy -- an option that some analysts and lawmakers have recommended.
GM rejected that route, saying it would need up to $100 billion from the government to operate under a Chapter 11 bankruptcy filing.
You can reach Robert Snell at (313) 222-2028 or [email protected].

Per questo che l'azione sale.....devono far apparire che gli danno roba che vale

 

[frankiemachine]

Ford cuts a painful deal

UAW members will be asked to give up benefits in order to preserve wages and health care.

Bryce G. Hoffman / The Detroit News

Factory workers at Ford Motor Co. seem ready to ratify a tentative agreement between the struggling automaker and the United Auto Workers, if only because they see the alternative as too frightening to contemplate.
Union members began getting details of the proposed amendment to their 2007 labor contract Wednesday, after UAW leaders voted unanimously to recommend ratification Tuesday.
The new deal preserves wages and health benefits, but eliminates hundreds of dollars in bonuses and cost-of-living adjustments, ends the jobs bank program, changes work rules and allows Ford to pay up to half its contributions to a union-run retiree health care trust with company stock.
Advertisement



"The UAW has made painful decisions with a clear goal: preserving jobs with as much security as possible," said labor expert Harley Shaiken of the University of California, Berkeley. "This is a defining moment for the industry and the union."
Most UAW members get that and are willing to vote for the changes, said Richard Linz, who works at Ford's Ohio Assembly Plant in Avon Lake.
"We feel like we're over a barrel," he said. "I want to retire from Ford. I don't even know if that's possible anymore. I want to keep working. I want to keep my job."
Though Ford's Avon Lake factory has been temporarily idled, Linz said workers have been calling each other to discuss the details of the agreement that have appeared in the press.
Linz said the announcement by Executive Chairman Bill Ford Jr. and CEO Alan Mulally that they will cut their own pay 30 percent makes it a little easier to accept the cuts he and other union members are being asked to make.
"What they're saying is, 'we all have to make sacrifices,' " Linz said.
Workers will begin voting on the agreement as early as this weekend.
Brian Pannebecker, who works at Ford's axle plant in Sterling Heights, said his local will begin voting on Saturday.
"The good news is that our base pay and medical benefits are not being touched, but we are taking some hits," he said, noting that the elimination of the $600 Christmas bonus will be a real Grinch.Retirees also are watching developments closely.
"My biggest concern is the VEBA," said Gerald Borsenik, referring to the Voluntary Employees' Beneficiary Association, the union-run retiree health care trust. "Of course, we don't get to vote."
He said that is a sore point with many retired workers, since it is their benefits that are at stake.
The UAW has said it wants all voting on the proposed agreement to be completed by March 9.