Researcher
Stop Loss? No, Thanks!!!
ho tolto l'ordine...
Io mi volevo mettere a 5...."ordine rifiutato....prezzo oltre il limite"......
......
Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA (2 lettori)
- Creatore Discussione Imark
- Data di Inizio
Io mi volevo mettere a 5...."ordine rifiutato....prezzo oltre il limite"......
......
METHOS
Forumer storico
Auto: Usa, 60 giorni a GM per nuovo piano taglio costi
di ANSA
Task force annuncia sostituzione di gran parte del Cda
(ANSA) - NEW YORK, 30 MAR - Il piano che Obama si appresta a svelare per Detroit prevede la concessione di 60 giorni a Gm per un piano di riduzione dei costi. Lo scrive il New York Times. L'amministrazione dovrebbe fornire alla casa automobilistica l'assistenza necessaria in termini di aiuti durante questo arco di tempo. In un documento, la task force designata dall'amministrazione Usa per supervisionare la ristrutturazione di Dertroit precisa che nei prossimi mesi parte di cda di Gm sara' sostituito.
di ANSA
Task force annuncia sostituzione di gran parte del Cda
(ANSA) - NEW YORK, 30 MAR - Il piano che Obama si appresta a svelare per Detroit prevede la concessione di 60 giorni a Gm per un piano di riduzione dei costi. Lo scrive il New York Times. L'amministrazione dovrebbe fornire alla casa automobilistica l'assistenza necessaria in termini di aiuti durante questo arco di tempo. In un documento, la task force designata dall'amministrazione Usa per supervisionare la ristrutturazione di Dertroit precisa che nei prossimi mesi parte di cda di Gm sara' sostituito.
visualapproach
aka VictorGolf
Finalmente si é scelto di fare quello che molti chiedevano da tempo: invitare Wagoner a raccogliere i suoi effetti ed a liberare il suo ufficio.....
paologorgo
Chapter 11
Obama Administration New Path to Viability for GM & Chrysler
In accordance with the March 31, 2009 deadline in the U.S. Treasury’s loan agreements with General
Motors and Chrysler, the Obama Administration is announcing its determination of the viability of the
companies, pursuant to their February 17, 2009 submissions, and is laying out a new finite path forward
for both companies to restructure and succeed. These findings and new framework for success are
consistent with the President’s commitment to support an American auto industry that can help revive
modern manufacturing and support our nation’s effort to move toward energy independence, but only in
the context of a fundamental restructuring that will allow these companies to prosper without taxpayer
support.
Key Findings
• Viability of Existing Plans: The plans submitted by GM and Chrysler on February 17, 2009 did
not establish a credible path to viability. In their current form, they are not sufficient to justify a
substantial new investment of taxpayer resources. Each will have a set period of time and an
adequate amount of working capital to establish a new strategy for long-term economic viability.
• General Motors: While GM’s current plan is not viable, the Administration is confident that with a
more fundamental restructuring, GM will emerge from this process as a stronger more competitive
business. This process will include leadership changes at GM and an increased effort by the U.S.
Treasury and outside advisors to assist with the company’s restructuring effort. Rick Wagoner is
stepping aside as Chairman and CEO. In this context, the Administration will provide GM with
working capital for 60 days to develop a more aggressive restructuring plan and a credible strategy
to implement such a plan. The Administration will stand behind GM’s restructuring effort.
• Chrysler: After extensive consultation with financial and industry experts, the Administration has
reluctantly concluded that Chrysler is not viable as a stand-alone company. However, Chrysler has
reached an understanding with Fiat that could be the basis of a path to viability. Fiat is prepared to
transfer valuable technology to Chrysler and, after extensive consultation with the Administration,
has committed to building new fuel efficient cars and engines in U.S. factories. At the same time,
however, there are substantial hurdles to overcome before this deal can become a reality.
Therefore, the Administration will provide Chrysler with working capital for 30 days to conclude a
definitive agreement with Fiat and secure the support of necessary stakeholders. If successful, the
government will consider investing up to the additional $6 billion requested by Chrysler to help this
partnership succeed. If an agreement is not reached, the government will not invest any additional
taxpayer funds in Chrysler.
• A Fresh Start to Implement Aggressive Restructurings: While Chrysler and GM are different
companies with different paths forward, both have unsustainable liabilities and both need a fresh
start. Their best chance at success may well require utilizing the bankruptcy code in a quick and
surgical way. Unlike a liquidation, where a company is broken up and sold off, or a conventional
bankruptcy, where a company can get mired in litigation for several years, a structured bankruptcy
process – if needed here – would be a tool to make it easier for General Motors and Chrysler to
clear away old liabilities so they can get on a path to success while they keep making cars and
providing jobs in our economy.
• A Commitment to Consumer Warrantees: The Administration will stand behind new cars
purchased from GM or Chrysler during this period through an innovative warrantee commitment
program.
• Appointment of a Director of Auto Recovery: The Administration also announced that Edward
Montgomery, a top labor economist and former Deputy Secretary of Labor, will serve as Director
of Recovery for Auto Workers and Communities. Dr. Montgomery will work to leverage all
resources of government to support the workers, communities and regions that rely on the
American auto industry.
In accordance with the March 31, 2009 deadline in the U.S. Treasury’s loan agreements with General
Motors and Chrysler, the Obama Administration is announcing its determination of the viability of the
companies, pursuant to their February 17, 2009 submissions, and is laying out a new finite path forward
for both companies to restructure and succeed. These findings and new framework for success are
consistent with the President’s commitment to support an American auto industry that can help revive
modern manufacturing and support our nation’s effort to move toward energy independence, but only in
the context of a fundamental restructuring that will allow these companies to prosper without taxpayer
support.
Key Findings
• Viability of Existing Plans: The plans submitted by GM and Chrysler on February 17, 2009 did
not establish a credible path to viability. In their current form, they are not sufficient to justify a
substantial new investment of taxpayer resources. Each will have a set period of time and an
adequate amount of working capital to establish a new strategy for long-term economic viability.
• General Motors: While GM’s current plan is not viable, the Administration is confident that with a
more fundamental restructuring, GM will emerge from this process as a stronger more competitive
business. This process will include leadership changes at GM and an increased effort by the U.S.
Treasury and outside advisors to assist with the company’s restructuring effort. Rick Wagoner is
stepping aside as Chairman and CEO. In this context, the Administration will provide GM with
working capital for 60 days to develop a more aggressive restructuring plan and a credible strategy
to implement such a plan. The Administration will stand behind GM’s restructuring effort.
• Chrysler: After extensive consultation with financial and industry experts, the Administration has
reluctantly concluded that Chrysler is not viable as a stand-alone company. However, Chrysler has
reached an understanding with Fiat that could be the basis of a path to viability. Fiat is prepared to
transfer valuable technology to Chrysler and, after extensive consultation with the Administration,
has committed to building new fuel efficient cars and engines in U.S. factories. At the same time,
however, there are substantial hurdles to overcome before this deal can become a reality.
Therefore, the Administration will provide Chrysler with working capital for 30 days to conclude a
definitive agreement with Fiat and secure the support of necessary stakeholders. If successful, the
government will consider investing up to the additional $6 billion requested by Chrysler to help this
partnership succeed. If an agreement is not reached, the government will not invest any additional
taxpayer funds in Chrysler.
• A Fresh Start to Implement Aggressive Restructurings: While Chrysler and GM are different
companies with different paths forward, both have unsustainable liabilities and both need a fresh
start. Their best chance at success may well require utilizing the bankruptcy code in a quick and
surgical way. Unlike a liquidation, where a company is broken up and sold off, or a conventional
bankruptcy, where a company can get mired in litigation for several years, a structured bankruptcy
process – if needed here – would be a tool to make it easier for General Motors and Chrysler to
clear away old liabilities so they can get on a path to success while they keep making cars and
providing jobs in our economy.
• A Commitment to Consumer Warrantees: The Administration will stand behind new cars
purchased from GM or Chrysler during this period through an innovative warrantee commitment
program.
• Appointment of a Director of Auto Recovery: The Administration also announced that Edward
Montgomery, a top labor economist and former Deputy Secretary of Labor, will serve as Director
of Recovery for Auto Workers and Communities. Dr. Montgomery will work to leverage all
resources of government to support the workers, communities and regions that rely on the
American auto industry.
paologorgo
Chapter 11
cambiamenti anche nel BoD...
Rick Wagoner statement issued early Monday morning
On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I “step aside” as CEO of GM, and so I have.
Fritz Henderson is an excellent choice to be the next CEO of GM. Having worked closely with Fritz for many years, I know that he is the ideal person to lead the company through the completion of our restructuring efforts. His knowledge of the global industry and the company are exceptional, and he has the intellect, energy, and support among GM’ers worldwide to succeed. I wish him well, and I stand ready to support him, and interim Non-Executive Chairman Kent Kresa, in every way possible.
I also want to extend my sincerest thanks to everyone who supported GM and me during my time as CEO. I deeply appreciate the excellent counsel and commitment of the GM Board and the strong support of our many partners including our terrific dealers, suppliers, and community leaders. I am grateful as well to the union leaders with whom I have had the chance to work closely to implement numerous tough but necessary restructuring agreements.
Most important of all I want to express my deepest appreciation to the extraordinary team of GM employees around the world. You have been a tremendous source of inspiration and pride to me, and I will be forever grateful for the courage and commitment you have shown as we have confronted the unprecedented challenges of the past few years. GM is a great company with a storied history. Ignore the doubters because I know it is also a company with a great future.
GM statement on officer and board announcements
GM is announcing the following changes in the corporate officers and the board of directors
:
Rick Wagoner is stepping down as chairman and CEO, effective immediately. Wagoner, 56, was named president and CEO in 2000, and assumed the role of chairman in 2003.
Fritz Henderson, GM president and chief operating officer, will serve as CEO. Henderson, 50, was named to his current position in 2008. He was previously vice chairman and chief financial officer
.
Kent Kresa, chairman emeritus, Northrop Grumman Corporation, has been named interim non-executive chairman of the board of directors. Kresa became a GM director in 2003
GM is awaiting further announcements by the President and the Task Force on Automotive Reconstruction, and we will have additional comments at that time.
GM Board of Directors statement from Kent Kresa, Chairman
“The Board has recognized for some time that the Company’s restructuring will likely cause a significant change in the stockholders of the Company and create the need for new directors with additional skills and experience. The Board intends to work to nominate a slate of directors for the next annual meeting that will include a majority of new directors taking into account the addition of new directors, retirement, and decisions by individual directors not to stand for re-election, although the specific individuals who will be nominated or choose not to run or leave the board are not yet known.”
http://www.freep.com/article/20090329/BUSINESS01/90330001
Rick Wagoner statement issued early Monday morning
On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I “step aside” as CEO of GM, and so I have.
Fritz Henderson is an excellent choice to be the next CEO of GM. Having worked closely with Fritz for many years, I know that he is the ideal person to lead the company through the completion of our restructuring efforts. His knowledge of the global industry and the company are exceptional, and he has the intellect, energy, and support among GM’ers worldwide to succeed. I wish him well, and I stand ready to support him, and interim Non-Executive Chairman Kent Kresa, in every way possible.
I also want to extend my sincerest thanks to everyone who supported GM and me during my time as CEO. I deeply appreciate the excellent counsel and commitment of the GM Board and the strong support of our many partners including our terrific dealers, suppliers, and community leaders. I am grateful as well to the union leaders with whom I have had the chance to work closely to implement numerous tough but necessary restructuring agreements.
Most important of all I want to express my deepest appreciation to the extraordinary team of GM employees around the world. You have been a tremendous source of inspiration and pride to me, and I will be forever grateful for the courage and commitment you have shown as we have confronted the unprecedented challenges of the past few years. GM is a great company with a storied history. Ignore the doubters because I know it is also a company with a great future.
GM statement on officer and board announcements
GM is announcing the following changes in the corporate officers and the board of directors
:Rick Wagoner is stepping down as chairman and CEO, effective immediately. Wagoner, 56, was named president and CEO in 2000, and assumed the role of chairman in 2003.
Fritz Henderson, GM president and chief operating officer, will serve as CEO. Henderson, 50, was named to his current position in 2008. He was previously vice chairman and chief financial officer
.Kent Kresa, chairman emeritus, Northrop Grumman Corporation, has been named interim non-executive chairman of the board of directors. Kresa became a GM director in 2003
GM is awaiting further announcements by the President and the Task Force on Automotive Reconstruction, and we will have additional comments at that time.
GM Board of Directors statement from Kent Kresa, Chairman
“The Board has recognized for some time that the Company’s restructuring will likely cause a significant change in the stockholders of the Company and create the need for new directors with additional skills and experience. The Board intends to work to nominate a slate of directors for the next annual meeting that will include a majority of new directors taking into account the addition of new directors, retirement, and decisions by individual directors not to stand for re-election, although the specific individuals who will be nominated or choose not to run or leave the board are not yet known.”
http://www.freep.com/article/20090329/BUSINESS01/90330001
paologorgo
Chapter 11
prima, banale considerazione. Concedendo altri 30 e 60 giorni a Chrysler e GM, rispettivamente, è stato probabilmente salvato il fondoschiena ai fornitori, perchè le loro forniture sono assicurate da alcuni giorni, e quindi si tratterebbe solo, in corte, di chiedere l'autorizzazione al pagamento delle fatture relative a forniture antecedenti quella data. Nella peggiore delle ipotesi, resterebbero scoperti per molto poco.
L'impegno statale sulle garanzie dei veicoli è una mossa interessante, perchè era la richiesta principe di chi argomentava che un chapter 11 era possibile, a certe condizioni, anche per questo tipo di prodotto. Rafforza la minaccia di ricorrerci se non trovano entro 30/60 giorni una soluzione.
Vedremo, è sempre più interessante... ci sono ancora mutande di ghisa da distribuire?
L'impegno statale sulle garanzie dei veicoli è una mossa interessante, perchè era la richiesta principe di chi argomentava che un chapter 11 era possibile, a certe condizioni, anche per questo tipo di prodotto. Rafforza la minaccia di ricorrerci se non trovano entro 30/60 giorni una soluzione.
Vedremo, è sempre più interessante... ci sono ancora mutande di ghisa da distribuire?
paologorgo
Chapter 11
la mia sfera di cristallo (acquistata da un mago che fa astro-finanza, e non la usa più...
la prossima mossa indispensabile sarà cacciare ancora dei soldi, perchè ad Aprile ne servono sia a Crysler che a GM.
Questa volta però Obama metterà la condizione che sarebbe stata messa mesi fa se avessimo avuto un interlocutore "privato": io entro il ... (data che non sarà prima di Maggio - Giugno...) voglio un accordo con lo UAW ed un impegno dell' 80% minimo dei bondholder ad effettuare uno swap che riduca del ...% il debito, sui dettagli cash e nuovi bond o azioni avete un po' di margine, di più sulle azioni (dare il 90% o il 99% ai bondholder non cambia nulla...). Se no è Chapter 11.
Tanto non ci prende mai, la sfera...
la sfera non aveva anticipato le dimissioni di Rick perchè, essendo preveggente, sapeva che l'avrei buttata via, ma per il resto funziona...
paologorgo
Chapter 11
non hanno usato tanti eufemismi. Nessuno legga a Shark la parte relativa alla Volt...
The Loan and Security Agreement of December 31, 2008 between the General Motors Corporation and the United States
Department of the Treasury (“LSA”) laid out various conditions that needed to be met by March 31, including:
(a) Approval of the Labor Modifications (Compensation Reductions, the Severance Rationalization and the Work Rule
Modifications) by the members of the Unions;
(b) Receipt of all necessary approvals of the VEBA Modifications other than regulatory and judicial approvals; provided,
that the Borrower must have filed and be diligently prosecuting applications for any necessary regulatory and judicial
approvals; and
(c) The commencement of an exchange offer to implement a Bond Exchange.
As of the date of this memo, none of the above steps has been completed. As a result, General Motors has not satisfied the
terms of its loan agreement.
The Loan and Security Agreement of December 31, 2008 between the General Motors Corporation and the United States
Department of the Treasury (“LSA”) laid out various conditions that needed to be met by March 31, including:
(a) Approval of the Labor Modifications (Compensation Reductions, the Severance Rationalization and the Work Rule
Modifications) by the members of the Unions;
(b) Receipt of all necessary approvals of the VEBA Modifications other than regulatory and judicial approvals; provided,
that the Borrower must have filed and be diligently prosecuting applications for any necessary regulatory and judicial
approvals; and
(c) The commencement of an exchange offer to implement a Bond Exchange.
As of the date of this memo, none of the above steps has been completed. As a result, General Motors has not satisfied the
terms of its loan agreement.
lorenzo63
Age quod Agis
prima, banale considerazione. Concedendo altri 30 e 60 giorni a Chrysler e GM, rispettivamente, è stato probabilmente salvato il fondoschiena ai fornitori, perchè le loro forniture sono assicurate da alcuni giorni, e quindi si tratterebbe solo, in corte, di chiedere l'autorizzazione al pagamento delle fatture relative a forniture antecedenti quella data. Nella peggiore delle ipotesi, resterebbero scoperti per molto poco.
L'impegno statale sulle garanzie dei veicoli è una mossa interessante, perchè era la richiesta principe di chi argomentava che un chapter 11 era possibile, a certe condizioni, anche per questo tipo di prodotto. Rafforza la minaccia di ricorrerci se non trovano entro 30/60 giorni una soluzione.
Vedremo, è sempre più interessante... ci sono ancora mutande di ghisa da distribuire?
Si, Paolo dà l' idea che è studiata a tavolino, la cosa: 1) a monte di tutto deve essere tenuto presente che, nell' obama_pensiero, l' occupazione è al primo posto (nn necessariamente di gm ovvio), quindi il lasciare passare il tempo permette di chiudere i conti in sospeso con i fornitori, andare a "vedere " (mi si passi il termine di derivazione pokeristica) cosa i capoccioni riescono a partorire assieme ad un piu' che auspicabile ridimensionamento dell' uaw.. insomma una alitalia made in usa...
