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

[paologorgo]

Chrysler Lending Unit Gets Aid; Ford's in Talks


By JOSH MITCHELL and JEFF BENNETT

The Treasury Department extended $1.5 billion in emergency loans to Chrysler LLC's lending arm and has begun discussions with Ford Motor Co.'s lending unit about its own financing needs, a government official said.

The five-year loans to Chrysler Financial LLC will be extended as part of Treasury's $700 billion Troubled Asset Relief Program. Chrysler was to get the first $100 million loan installment on Friday, with another installment this coming week, a government official said. The government will receive notes equal to 5% of the loan package.
The Chrysler deal, capping weeks of talks, was structured to ensure the cash infusion will be used to finance new consumer auto loans, the official said. It comes less than a month after Treasury extended $6 billion to General Motors Corp.'s GMAC lending arm. Chrysler has contended that the money to GMAC put Chrysler at a disadvantage.
Ford, meanwhile, has also been in tallks with the Treasury, a government official said on Friday. The tallks began shortly after Congress failed late last year to pass an auto-aid package. The official declined to say whether Ford's lending arm, Ford Motor Credit, is seeking aid.

Friday's agreement cleared the way for Chrysler Financial to expand credit to a wider base of customers and spur the company's U.S. car sales, which account for about 80% of the auto maker's overall sales. Customers, including those with credit scores in the 620 range, will be able to apply for loans. Dealers have said about 25% of their customers haven't been able to access loans because of tighter restrictions. The company is now offering 0% financing for as long as 60 months when financing a Chrysler, Jeep or Dodge vehicle.
"This funding will provide us with increased capacity to help Chrysler LLC and our dealers make new loans available to qualified consumers and sell more cars and trucks," said Thomas F. Gilman, vice chairman and chief executive of Chrysler Financial.
The deal was structured so the loans will be extended to a "special-purpose entity" created by Chrysler Financial. Under that arrangement, "we would not be in line with other creditors" who would be affected by a bankruptcy filing by Chrysler Financial, the government official said.

 

[paologorgo]

GM fears failing key bail-out clause

By Bernard Simon in Toronto and Nicole Bullock in New,York
Published: January 17 2009 02:00 | Last updated: January 17 2009 02:00



General Motors has signalled that it might be unable to meet a key condition of the $13.4bn lifeline extended by the US Treasury requiring a two-thirds reduction in the carmaker's unsecured debt.
Ray Young, GM's chief financial officer, said that the company might not be able to secure the agreement of alll bondholders for the proposed debt-for-equity swap, which aims to reduce publlic unsecured debt from $27.5bn to $9.2bn.
However, Mr Young told analysts that the company views the two-thirds requirement as a "guideline" and that "the ultimate test is financial viability of our enterprise".
More generally, the ailing carmaker is understood to take the view that vaguely worded provisions of the government loan agreement might be open for discussion and modification with a "car czar", to be appointed by the Barack Obama administration.
GM's stance comes amid signs that it is preparing to use the threat of a bankruptcy filing to persuade bondholders and the United Auto Workers union to acquiesce to concessions required under the bail-out.
In contrast to categorical earlier statements ruling out bankruptcy, Rick Wagoner, GM's chief executive, said this week "the tough thing is that some of the [bail-out requirements] are not within our control. For example . . . we've got to get the people who own the bonds to exchange them. So . . . it's only prudent for us to be prepared for all options."
GM has stepped up the pressure by lowering its assumption of 2009 US car sales to 10.5m vehicles, from 12.5-13m in the plan submitted to Congress last month.
GM and Chrysler, which has received $4bn in government funds, are due to present detailed restructuring proposals to the government by February 17, and to finalise them by March 31. The deadline can be extended to the end of April. They have begun talks with the UAW on reducing labour costs to levels competitive with foreign-owned plants in the US. GM says this can be achieved without wage cuts.
The company is also seeking agreement from the UAW to pay half of its $20.4bn contribution to a union-managed healthcare fund in the form of equity. The fund is due to be set up next year as part of GM's drive to reduce healthcare costs.
Rod Lache, analyst at Deutsche Bank, told the Society of Automotive Analysts this week that the "probability is greater than not that there will be bankruptcy, but not the kind of disruptive, scary bankruptcy with calamitous impact that a lot of suppliers are afraid of today".

 

[paologorgo]

a futura memoria, (e per vedere dove eventualmente passeranno con il cancellino... )

Indicative Summary of Terms for
Secured Term Loan Facility
December 19, 2008

Based upon the preliminary information provided to the United States Department of the Treasury (the
“UST”) regarding the proposed Facility, the following Summary of Terms outlines (for discussion
purposes only) the key terms and conditions of a potential transaction. This Summary of Terms is not
intended to be a comprehensive list of all relevant terms and conditions of the transactions contemplated
herein. Further, these terms are subject to completion of due diligence, legal and other internal review
and receipt of related approvals satisfactory to UST and any other approval procedures customary for a
transaction of this nature. Final terms will be included in definitive documentation based on this
Summary of Terms and executed by the applicable parties. This Summary of Terms is intended for the
sole benefit of the Company identified on Appendix A and certain of its affiliates and shall not be relied
upon by any other person.

Company/Borrower: General Motors Corporation
Guarantor(s): All material domestic subsidiaries of the Borrower and any successor entity
thereto, on a joint and several basis.
Closing Date: December 29, 2008
Loan Amount: Up to $13.40 billion, to be made available to Borrower, upon request, as
follows (subject to the Loan Parties’ satisfaction of the other terms and
conditions of the Facility):
Closing Date: $4.0 billion.
January 16, 2009: $5.4 billion.
February 17, 2009: $4.0 billion, contingent on Congressional action.
Use of Funds: The funds advanced may be used by the Borrower for general business
purposes.
Expiration Date: December 29, 2011 at 5:00 pm Washington, DC time.
Payment Date: The last business day of each calendar quarter, commencing with the first
calendar quarter in 2009.
LIBOR Floor: 2.00%
Spread Amount: 300 basis points; provided that upon the occurrence and during the continuance
of an Event of Default, the Spread Amount shall be equal to 800 basis points.

 

[Imark]

a futura memoria, (e per vedere dove eventualmente passeranno con il cancellino... )

Indicative Summary of Terms for
Secured Term Loan Facility
December 19, 2008

Based upon the preliminary information provided to the United States Department of the Treasury (the
“UST”) regarding the proposed Facility, the following Summary of Terms outlines (for discussion
purposes only) the key terms and conditions of a potential transaction. This Summary of Terms is not
intended to be a comprehensive list of all relevant terms and conditions of the transactions contemplated
herein. Further, these terms are subject to completion of due diligence, legal and other internal review
and receipt of related approvals satisfactory to UST and any other approval procedures customary for a
transaction of this nature. Final terms will be included in definitive documentation based on this
Summary of Terms and executed by the applicable parties. This Summary of Terms is intended for the
sole benefit of the Company identified on Appendix A and certain of its affiliates and shall not be relied
upon by any other person.

Company/Borrower: General Motors Corporation
Guarantor(s): All material domestic subsidiaries of the Borrower and any successor entity
thereto, on a joint and several basis.
Closing Date: December 29, 2008
Loan Amount: Up to $13.40 billion, to be made available to Borrower, upon request, as
follows (subject to the Loan Parties’ satisfaction of the other terms and
conditions of the Facility):
Closing Date: $4.0 billion.
January 16, 2009: $5.4 billion.
February 17, 2009: $4.0 billion, contingent on Congressional action.
Use of Funds: The funds advanced may be used by the Borrower for general business
purposes.
Expiration Date: December 29, 2011 at 5:00 pm Washington, DC time.
Payment Date: The last business day of each calendar quarter, commencing with the first
calendar quarter in 2009.
LIBOR Floor: 2.00%
Spread Amount: 300 basis points; provided that upon the occurrence and during the continuance
of an Event of Default, the Spread Amount shall be equal to 800 basis points.

Oramai ci siamo: Obama si insedia ed il tempo è tiranno...

 

[paologorgo]

Il colosso Usa punta alla vasta gamma di auto piccole di cui l'azienda di Torino
dispone. Macchine che potrebbero nascere nelle fabbriche italiane

Fiat e Chrysler alleanza in vista
Sarà una partnership strategica

di VINCENZO BORGOMEO

Prima fuga di notizie sull'accordo Fiat-Chrysler che dovrebbe sfociare in una "partnership strategica" per velocizzare il lancio di alcuni modelli e che - addirittura - potrebbe anche portare Fiat nel capitale del gruppo statunitense. La notizia arriva da Automotive News Europe e ovviamente non è stata commentata in nessun modo dalla Fiat.

http://borgomeo.blogautore.repubblica.it/2009/01/19/accordo-fiat-chrysler/Non è un segreto infatti che tutti i big di Detroit, e quindi anche GM e Ford, stiano cercando contatti con altre marche europee per lanciare sul mercato in tempi brevi auto piccole dai bassi consumi e accelerare così i piani di rilancio già annunciati. In questo scenario Ford sarebbe la marca più avvantaggiata perché attraverso la sua filiale tedesca ha già in gamma diversi motori e molti pianali di auto piccole, grazie anche - ancora una volta - all'accordo con Fiat per costruire insieme la 500 e la Ka in Polonia.

Ma torniamo alla trattativa Fiat-Chrysler: il gioiello a cui punta il colosso Usa è la vasta gamma di auto piccole di cui Fiat dispone, compresi ovviamente motori e trasmissioni. Macchine che potrebbero così nascere a tempo record nelle fabbriche Fiat in Europa ed essere sul mercato entro un paio di anni. L'azienda italiana invece potrebbe avere enormi benefici dal fatto di poter alzare a dismisura il ritmo produttivo dei propri stabilimenti e dal possibile sbarco di alcuni suoi modelli (dall'Alfa alla Lancia) sul ricco mercato americano. Fantapolitica? Non tanto: con la crisi che incombe si impongo scelte drastiche e, soprattutto, veloci.

---

i soldi del contribuente americano per salvare Detroit che poi compra Italiano?!?

 

[samantaao]

non ho idea se sia vero o fantasia

comunque una cosa la so di sicuro: GM da diversi mesi cerca ingegneri per creare un R&D a Torino
magari qualcuno conosce i dettagli, a me sono arrivati solo gli annunci

 

[paologorgo]

UAW leader: Deadline for auto makeover unrealistic

UAW chief says timeline for GM, Chrysler to complete restructuring plans 'almost unattainable'

WASHINGTON (AP) -- United Auto Workers president Ron Gettelfinger suggested Monday that a mid-February deadline for General Motors and Chrysler to complete their restructuring plans may be "almost unattainable" and no formal talks had commenced between the union and car makers.
Gettelfinger told reporters that he thought General Motors Corp. and Chrysler LLC would meet the Feb. 17 deadline "unless there is an extension because, honestly, most people that would look at this from a realistic standpoint would say this timeline is almost unattainable."
"I said myself that I hope this wasn't set up to intentionally fail because the people who were a part of this have no idea of the magnitude of what they were asking these companies to do," Gettelfinger said at a pre-Inaugural reception.
The Treasury Department provided $17.4 billion in loans to General Motors and Chrysler last month, but the companies need to file detailed restructuring plans by Feb. 17 that include concessions from the UAW and bondholders.
The baillout engineered by the outgoing Bush administration requires GM and Chrysller to achieve "viability" by March 31. The loans may be called back if the government determines the automakers haven't meet that goal.
GM spokesman Greg Martin said the company was "working hard to meet the terms of the loan and to comply with all deadlines." Chrysler spokeswoman Shawn Morgan said the automaker would continue to work toward "the dates as outlined by the government."
Gettelfinger said union leaders "haven't had any real formal discussions" with the companies and the UAW was reviewing documents related to the loans.
The incoming Obama administration will be free to reopen the agreement from the government's side if they choose to. Asked whether the UAW would ask Obama for changes, Gettelfinger said, "all we want is the Obama administration to be fair as opposed to somebody taking a shot at organized labor."
The UAW has opposed provisions in the plan that requires the automakers to get new concessions from their workers, including wage and benefits cuts in 2009 to make them competitive with U.S. employees at Japanese auto plants.

 

[Yunus80]

i soldi del contribuente americano per salvare Detroit che poi compra Italiano?!?

Ricordate che qualche anno fa GM voleva comprarsi Fiat?
Per curiosità, ora Chrysler capitalizza più o meno del miliardo e mezzo che Fiat incassò alla rescissione del contratto?

 

[paologorgo]

Per curiosità, ora Chrysler capitalizza più o meno del miliardo e mezzo che Fiat incassò alla rescissione del contratto?

Obama spende meno a dare alla Fiat la Chrysler E un miliardo e mezzo di $$$...

 

[Imark]

UAW leader: Deadline for auto makeover unrealistic

UAW chief says timeline for GM, Chrysler to complete restructuring plans 'almost unattainable'

WASHINGTON (AP) -- United Auto Workers president Ron Gettelfinger suggested Monday that a mid-February deadline for General Motors and Chrysler to complete their restructuring plans may be "almost unattainable" and no formal talks had commenced between the union and car makers.
Gettelfinger told reporters that he thought General Motors Corp. and Chrysler LLC would meet the Feb. 17 deadline "unless there is an extension because, honestly, most people that would look at this from a realistic standpoint would say this timeline is almost unattainable."
"I said myself that I hope this wasn't set up to intentionally fail because the people who were a part of this have no idea of the magnitude of what they were asking these companies to do," Gettelfinger said at a pre-Inaugural reception.
The Treasury Department provided $17.4 billion in loans to General Motors and Chrysler last month, but the companies need to file detailed restructuring plans by Feb. 17 that include concessions from the UAW and bondholders.
The baillout engineered by the outgoing Bush administration requires GM and Chrysller to achieve "viability" by March 31. The loans may be called back if the government determines the automakers haven't meet that goal.
GM spokesman Greg Martin said the company was "working hard to meet the terms of the loan and to comply with all deadlines." Chrysler spokeswoman Shawn Morgan said the automaker would continue to work toward "the dates as outlined by the government."
Gettelfinger said union leaders "haven't had any real formal discussions" with the companies and the UAW was reviewing documents related to the loans.
The incoming Obama administration will be free to reopen the agreement from the government's side if they choose to. Asked whether the UAW would ask Obama for changes, Gettelfinger said, "all we want is the Obama administration to be fair as opposed to somebody taking a shot at organized labor."
The UAW has opposed provisions in the plan that requires the automakers to get new concessions from their workers, including wage and benefits cuts in 2009 to make them competitive with U.S. employees at Japanese auto plants.

Era prevedibile...