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

[paologorgo]

April 1 (Bloomberg) -- General Motors Corp.’s 60-day deadline to restructure is unlikely to be extended because the U.S. won’t repay $1 billion in convertible notes maturing June 1, according to a person with knowledge of the discussions.
President Barack Obama’s auto task force told the biggest U.S. automaker it doesn’t want taxpayer funds used to repay debt maturities, said the person, who declined to be identified because the talks are private. Detroit-based GM has $1 billion of 1.5 percent convertible securities coming due June 1. The debentures, issued in increments of $25, fell $2.05 to $7.20 as of 1:56 p.m. in New York, which would be the lowest closing price since December, according to data compiled by Bloomberg.
GM Chief Executive Officer Fritz Henderson yesterday said that June 1 was the final deadline for completing the debt restructuring and that the automaker may enter bankruptcy sooner if it’s clear an agreement out of court isn’t possible.
“The government has been very specific in providing a deadline by which we have to complete this process and we plan to aggressively pursue them in the next 60 days,” GM spokeswoman Renee Rashid-Merem said, declining additional comment.
Obama gave GM 60 days to come up with deeper cost and debt reductions than the carmaker proposed in its plan submitted in February. The president believes a quick, negotiated bankruptcy is the most likely way for GM to restructure and become a competitive automaker, according to people familiar with the matter.
Treasury spokesman Isaac Baker didn’t immediately respond to an e-mail seeking comment.



http://www.bloomberg.com/apps/news?pid=20601087&sid=aCgxXtzF6ki8&refer=home

 

[paologorgo]

Auto sales for March were still very weak but showed some improvement over February.



Despite these rather awful numbers, the industry said they think things are getting better.

All the big car makers suffered sales declines of 36% or more compared to March 2008. Industrywide, U.S. sales totaled 857,735 cars and light trucks, down 37% from a year earlier, according to AutoData Corp. But that’s up from 688,909 vehicles sold in February and was the highest total since September. February’s sales were down 41% from a year earlier.
The annualized sales pace, a closely watched indicator, came in at 9.86 million vehicles, well below the 16 million or more the industry typically logged a few years ago, but up from February’s pace of 9.12 million.
“I believe we are in a bottoming process for the industry,” Bob Carter, a group vice president at Toyota Motor Corp., said in a conference call. Mr. Carter said the company’s 18% sales improvement in March compared with February could be “a very early indication that we have floored and some optimism is starting to return to the market.”
Michael DiGiovanni, the top sales analyst at General MotorsCorp., said he expects a “very, very gradual pickup” in vehicle sales in the second quarter. He cited “the first signs of brightening” in the market. Jim Press, Chrysler LLC’s vice chairman and president, said, “The market is starting to show small signs of life which need to be nourished like seedlings.” Both GM and Chrysler are seeking additional aid from the government.
​

It remains to be seen whether the recovery has legs and just how far they take the industry. New financing plans and government purchases of vehicles tied to the fiscal stimulus plan will probably continue to give sales a boost, at least for a few months. The car fleet continues to age as well so a certain amount of replacement buying has to take place.
On the flip side, it’s going to be interesting to see what happens to GM and Chrysler this month. Will consumers buy into a government guarantee of warranties and put their doubts about the viability of the companies aside or will they just say it’s not worth the risk?
Personally, it’s a risk that I wouldn’t want to run. Somehow I just don’t think I would relish trying to get a transmission under warranty serviced under a government guarantee if the dealer who sold me the car had closed up shop.
More here

http://seekingalpha.com/article/129...it-may-have-turned-a-corner?source=wl_sidebar

 

[paologorgo]

se a qualcuno interessa:

General Motors Corporation March 2009 Global Sales Call Transcript

per ridere, li vedo un po' in confusione, e chi non lo sarebbe nelle loro condizioni...

Christopher Ceraso - Credit Suisse

And then just a last housekeeping question. I think you said last month that GMAC underwrote about 35% of your sales. What was that number for this month?


Mark R. LaNeve
Anybody have that?


Mike DiGiovanni
You had it. You showed it to us this morning.

Mark R. LaNeve
I don't have it readily available, Chris. Hang on. Let me see if somebody's got it.
Operator, you can move on. I'll come back and answer that for Chris.

 

[Imark]

se a qualcuno interessa:

General Motors Corporation March 2009 Global Sales Call Transcript

per ridere, li vedo un po' in confusione, e chi non lo sarebbe nelle loro condizioni...

Christopher Ceraso - Credit Suisse

And then just a last housekeeping question. I think you said last month that GMAC underwrote about 35% of your sales. What was that number for this month?


Mark R. LaNeve
Anybody have that?


Mike DiGiovanni
You had it. You showed it to us this morning.

Mark R. LaNeve
I don't have it readily available, Chris. Hang on. Let me see if somebody's got it.
Operator, you can move on. I'll come back and answer that for Chris.

Anche sul versante organizzativo questi vanno forte...

 

[paologorgo]

Anche sul versante organizzativo questi vanno forte...

volendo, la storia è fonte di umorismo (volontario ed involontario...) a non finire, basta non averci messo dei soldi per apprezzarlo...

The federal government is saying they will back the warranties of the Chrysler or GM vehicles. Well that’s great news for consumers — combine the efficiency of the federal government with the honesty of car mechanics.

 

[paologorgo]

GM (GM) asks for $2.6B in low-interest government loans to support the development of three new hybrid vehicles.

 

[paologorgo]

Quick and clean surgical bankruptcy (GM): In your dreams.

 

[paologorgo]

Banks that loaned Chrysler LLC $6.8 billion are resisting government pressure to swap more than $5 billion of that for stock to slash the car maker's debt, according to people familiar with the matter, hindering Chrysler's effort to restructure outside of bankruptcy court.
The issue is also slowing the company's drive to cement an alliance with Fiat SpA by May 1, and stalling Chrysler's attempt to renegotiate a health-care agreement with the United Auto Workers union, according to these people.
While significant work needs to be completed with the UAW and Fiat, people involved in the talks say the banks are striking a much tougher stance than the union or Fiat.
The lenders, which include J.P. Morgan Chase & Co., Goldman Sachs Group Inc., Citigroup Inc. and Morgan Stanley, hold great influence in moving the process along. As holders of secured debt, they have the right to take control of Chrysler plants, brands and other assets, which were pledged as collateral for the loans, if the company files for bankruptcy protection.
As a result, Chrysler may be worth more to the lenders in a bankruptcy liquidation than if they agree to restructure the debt, and the government has less leverage to force the banks to make concessions.
The negotiations show how the government's involvement in both banks and industrial companies is creating uncomfortable circumstances: The U.S. has given aid to some of the very banks that are demanding tough terms from Chrysler, also a recipient of government loans.
J.P. Morgan, which has taken the lead in negotiations with the government, holds Chrysler debt in the range of $2.5 billion, said a person familiar with the matter. This person said the other lenders "don't have quite the same view" as J.P. Morgan on how hard to push back on granting concessions.
The Obama administration has oversight of restructuring Chrysler and General Motors Corp. after the White House lent $17.4 billion to the two struggling car companies in December.
As of Wednesday, the Treasury gave Chrysler 30 days to broker concessions with its debt holders, unions and Fiat, or face a potential liquidation in bankruptcy court.
A key government demand centers on cutting Chrysler's debt. Chrysler "has a huge amount of debt for a company of that size," a senior administration official said. "The banks there have been absolutely resolute about not modifying that debt."
Earlier in the year, Chrysler asked the banks to reduce the company's debt obligations by $3 billion. Now, the Obama administration is demanding that the lenders cut the debt by well in excess of $5 billion, an administration official said late Friday.
The Treasury Department began talking with the banks on Wednesday. The bailout money these banks took from the Troubled Asset Relief Program "hasn't been mentioned, but everyone is aware that issue is there," said a person familiar with the talks.
Each of the four banks declined to comment. Cerberus Capital Management LP, which controls Chrysler, and Fiat also declined to comment.
In a statement, Chrysler said it is "committed to working closely with all constituents, the administration, U.S. Treasury and the [Obama auto] task force over the next 30 days to reach a successful conclusion."
Chrysler's bank lenders say they would be in a stronger position than other stakeholders, including taxpayers, in bankruptcy court. Unlike with GM, where many of its bondholders hold debt that isn't secured by assets, almost all of Chrysler's debt is backed by its plants, equipment, patents and other holdings. That gives its senior-most lenders -- which have what is known as first-lien debt -- a strong legal position in bankruptcy.
If Chrysler were to liquidate, billions of dollars in assets would be broken up and sold, with the first-lien lenders getting first dibs. J.P Morgan and other lenders are convinced they would have higher recoveries in a liquidation, compared to what the administration is asking them to accept now , said several people familiar with their thinking.
The J.P. Morgan position, said these people, is that concessions by Chrysler's creditors should be treated as they would be in a normal bankruptcy -- meaning the billions of dollars of government debt and the UAW retiree health-care obligation should be wiped out before the secured lenders lose anything on their $6.8 billion.
Some of the key lenders argue they can't accept the government's offer because they need to take care of their own shareholders as well as smaller Chrysler lenders that aren't directly involved in the talks.
Cerberus and Daimler AG -- which hold $2 billion in second-lien debt owed by Chrysler -- already have agreed to exchange that debt for Chrysler equity. Other senior-secured lenders also appear willing to make concessions on Chrysler, say these people, but J.P. Morgan is "in control of the talks."
Fiat, meanwhile, is open to a Chrysler bankruptcy filing if the Italian car maker can get a consensual agreement with at least some of the creditors, according to two people familiar with the matter.
Under that scenario, a reorganization plan would be agreed upon by the Treasury, Chrysler, Fiat, the UAW and some of the creditors, with an understanding to proceed quickly enough to get Chrysler out of bankruptcy court in as little as 30 days. The concept, however, contains some risk because a bankruptcy judge could reject it, and allow pleadings by dissatisfied parties. That could lead to a different outcome.

http://online.wsj.com/article/SB123876812011186659.html?ru=yahoo&mod=yahoo_hs

 

[paologorgo]

GM CEO says bankruptcy will be fast if needed: report

LONDON (Reuters) - U.S. automaker General Motors Corp (NYSE:GM - News) will move quickly into bankruptcy if necessary, chief executive Fritz Henderson said in an interview with the Financial Times newspaper published on Friday.
The company warned this week there is a growing risk it could file for bankruptcy by June as it has 60 days to reach deeper concessions with bondholders and unions after its previous restructuring plan was rejected by the U.S. government.
"If we have to resort to bankruptcy then we're going to do it fast...there are non-traditional ways to do this but it requires a fair amount of force, will and leverage and we have force, will and leverage," Henderson said in comments published on the newspaper's website.
Henderson, who took over the reins at the struggling carmaker in a board shake-up on Monday, said "the over-riding objective of a clean and healthy balance sheet is not negotiable."
(Reporting by Matt Falloon; editing by Carol Bishopric)

http://finance.yahoo.com/news/GM-CEO-says-bankruptcy-will-rb-14849550.html

 

[paologorgo]

In GM continuano a vivere in un mondo parallelo, più bello del nostro, fatto di numeri impossibili. O hanno un ottimo spacciatore, o Shark come consulente...

Ultime variazioni al piano, premessa:

In early March, car makers estimated the seasonally adjusted annualized selling pace for light vehicles was about 9 million, down from 9.8 million in January and far below the pace of 15.4 million recorded in February 2008. But car-shopping Web site Edmunds.com said last week that latest data indicate the industry is on track to post annual sales of just 8.9 million, or slightly more than half of 2007 sales.

come vedete nell'allegato, GM continua a prevedere un mercato diverso, da 10.5 milioni di veicoli, proprio nel caso peggiore 9.5... e su questo si basa il loro meraviglioso piano di salvezza, che peraltro non è riuscito a mettere bondholder e UAW intorno ad un tavolo... credibili, direi... - però diminuiscono la previsione del PIL USA, così si attirano la simpatia del Governo, che deve cacciare i soldi e salvargli il deretano...

tutto qui, è una lettura fin divertente...

http://secfilings.nasdaq.com/filing...TORS+CORP&FormType=425&RcvdDate=4/2/2009&pdf=

Bankruptcy Considerations —In order to be prepared for events possibly precipitating a bankruptcy filing (for example, unsuccessful bond exchange or VEBA negotiations), the Company continues to evaluate its in-court restructuring options as part of contingency planning activities. The Company believes that the impact of a bankruptcy filing on its business would be substantial, on both wholesale (GM to dealers) and retail (GM dealer to customer) levels, as discussed in the February 17 submission.
General Motors continues to strongly believe that out-of-court restructuring provides the highest value outcome for its customers and this country long term. However, if the changes needed for long-term restructuring cannot be obtained out of court, the Company is prepared and would consider in-court options. Such options would be enhanced by the Administration’s commitment to back GM customer warranties, and to provide support for a rapid emergence from any in-court process.