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

[paologorgo]

dalla finanza creativa alla proprietà fantasiosa...

* Opel dealers seek to raise funds to buy minority stake
* Five countries have backed fundraising proposal
(Adds Euroda chairman comment, supporting countries)
By Aaron Gray-Block
AMSTERDAM, April 8 (Reuters) - Opel's Dutch dealers have agreed to invest in a fund to keep the troubled carmaker afloat, bringing to five the total number of countries backing a plan in which dealers could take a minority stake in the company.
The association for German Opel dealers was the first to approve the plan to take a significant equity stake in the carmaker, voting in favour of the proposal on the condition that Opel employees helped fund the purchase and the state provided financial support. [ID:nLJ307663]
Erik Selles, the chairman of the Dutch dealers' association VODN, said 96 percent of Dutch members voted in favour of the plan, which calls on dealers to deposit 150 euros of proceeds from each sold car in a fund for a period of three years.
"It is a lot of money, but it is important to get a substantial stake in the new Opel situation," Selles said.
Opel, a full subsidiary of cash-strapped U.S. carmaker General Motors (GM.N), needs 3.3 billion euros ($4.4 billion) to finance operations ahead of key product launches such as its Astra hatchback, which is due later this year.
The European Opel dealership association Euroda, which expects to put the plan to a final vote on May 15, said last month 400 million euros in funds could be generated if all countries and dealers participated. But it also warned the money would not be immediately available.
"So far, the plan has been approved by Germany, Austria, Norway, Romania and the Netherlands," Euroda chairman Jaap Timmer said, adding that Euroda spans 25 countries and it is only in the middle of the approval process.
"This initiative is unique in this branch," Selles said in a statement. "Dealers and their clients will get more influence on the decisions of Opel, and that has never been displayed before."
Euroda hopes discussions at a national level will be finalised in April ahead of its planned May vote. ($1=.7582 Euro) (Editing by Will Waterman; Editing by Jon Loades-Carter)

http://www.reuters.com/article/marketsNews/idINL870337720090408?rpc=44

 

[Imark]

dalla finanza creativa alla proprietà fantasiosa...

* Opel dealers seek to raise funds to buy minority stake
* Five countries have backed fundraising proposal
(Adds Euroda chairman comment, supporting countries)
By Aaron Gray-Block
AMSTERDAM, April 8 (Reuters) - Opel's Dutch dealers have agreed to invest in a fund to keep the troubled carmaker afloat, bringing to five the total number of countries backing a plan in which dealers could take a minority stake in the company.
The association for German Opel dealers was the first to approve the plan to take a significant equity stake in the carmaker, voting in favour of the proposal on the condition that Opel employees helped fund the purchase and the state provided financial support. [ID:nLJ307663]
Erik Selles, the chairman of the Dutch dealers' association VODN, said 96 percent of Dutch members voted in favour of the plan, which calls on dealers to deposit 150 euros of proceeds from each sold car in a fund for a period of three years.
"It is a lot of money, but it is important to get a substantial stake in the new Opel situation," Selles said.
Opel, a full subsidiary of cash-strapped U.S. carmaker General Motors (GM.N), needs 3.3 billion euros ($4.4 billion) to finance operations ahead of key product launches such as its Astra hatchback, which is due later this year.
The European Opel dealership association Euroda, which expects to put the plan to a final vote on May 15, said last month 400 million euros in funds could be generated if all countries and dealers participated. But it also warned the money would not be immediately available.
"So far, the plan has been approved by Germany, Austria, Norway, Romania and the Netherlands," Euroda chairman Jaap Timmer said, adding that Euroda spans 25 countries and it is only in the middle of the approval process.
"This initiative is unique in this branch," Selles said in a statement. "Dealers and their clients will get more influence on the decisions of Opel, and that has never been displayed before."
Euroda hopes discussions at a national level will be finalised in April ahead of its planned May vote. ($1=.7582 Euro) (Editing by Will Waterman; Editing by Jon Loades-Carter)

http://www.reuters.com/article/marketsNews/idINL870337720090408?rpc=44

400 mln euro... ne servono 3.3 mld ...

 

[METHOS]

Auto: Forbes, con bancarotta Gm nei guai 5 maggiori banche
di ANSA
Moody's, possibili miliardi di dollari di perdite

(ANSA) - NEW YORK, 8 apr - Un'eventuale bancarotta di General Motors avrebbe effetti pesanti sulle 5 maggiori banche di Wall Street. Si troverebbero ad accusare miliardi di dollari di perdite. Lo afferma Forbes, secondo il quale le perdite derivanti dalla bancarotta della casa automobilistica 'sono difficili da calcolare, e lo saranno finche' gli istituti non renderanno nota la loro esposizione individuale'. Secondo Moody's le possibilita' che Gm ricorra alla bancarotta sono al 70%.

 

[Imark]

Sullo swap ultimato da Ford, Moody's commenta...

[FONT=verdana,arial,helvetica]Moody's revises Ford's Probability of Default Rating to Caa3/LD after debt exchange[/FONT]

[FONT=verdana,arial,helvetica]Approximately $26 billion of debt affected [/FONT]

[FONT=verdana,arial,helvetica]New York, April 07, 2009 -- Moody's Investors Service raised the long-term rating of Ford Motor Company's secured term-loan to Caa1 from Ca (equivalent with the Caa1 rating of the company's secured revolver) and revised the company's Probability of Default Rating (PDR) to Caa3/LD from Ca. Ratings which remain unchanged are the: Caa3 Corporate Family Rating (CFR); Ca rating of the senior unsecured convertible notes, senior unsecured non-convertible notes, and trust preferred securities; and, SGL-4 Speculative Grade Liquidity rating. The rating Outlook remains Negative. [/FONT]

[FONT=verdana,arial,helvetica]These rating actions follow the company's announcement that it has completed the tender and exchange offers initiated on March 4. The transactions, funded with $2.4 billion in cash and 468 million of Ford common shares, reduce the company's outstanding debt by $9.9 billion and lower annual interest expense by more than $500 million. In addition, with the completion of this debt restructuring, Ford will have largely satisfied the three conditions laid out by the US Treasury upon its extension of bail out loans to General Motors and Chrysler. These conditions include: a UAW agreement that provides wage and benefit parity with transplants; UAW acceptance of common stock for up to 50% of future VEBA contributions; and, an elimination of two-thirds of unsecured debt. This progress has been achieved despite the fact that Ford has not requested government loans and that GM and Chrysler, which have accepted funding, have not satisfied these conditions. [/FONT]

[FONT=verdana,arial,helvetica]The $9.9 billion debt restructuring results in a reduction of approximately 15% in the $65 billion of year-end 2008 total adjusted liabilities included in Moody's Loss Given Default (LGD) waterfall for Ford. Key adjustments included in the LGD liability waterfall relate to operating leases, unfunded pension obligations and full utilization of $10.6 billion in committed credit facilities. This $9.9 billion reduction in liabilities contributed to an improvement in the LGD's expected family recovery rate from 35% to 40%. The LD designation for the PDR signifies the limited default that occurred in connection with Ford's tender and exchange offer; this designation will likely be removed within several days subsequent to the tender completion. [/FONT]

[FONT=verdana,arial,helvetica]Despite the benefits of the debt restructuring, Ford's rating Outlook remains Negative due to the significant operating and financial challenges facing the company. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Weak global automotive demand, eroding profitability on trucks and SUVs, and the need to significantly build profitability in the car and CUV segments will likely result in automotive operating cash flow remaining negative through 2010. Moreover, although Ford continues to maintain that its cash resources will be sufficient to cover its requirements through 2010, Moody's remains concerned that these resources will be insufficient, and that the company will have to access government loans. Finally, a bankruptcy filing by Chrysler or GM within the 30 and 60-day windows established by the Treasury for the submission of new restructuring plans could be disruptive to Ford. [/FONT]

[FONT=verdana,arial,helvetica]The last rating action on Ford was a downgrade of the company's Probability of Default Rating to Ca on March 4, 2009. [/FONT]

 

[kevin19811981]

Ciao a tutti,

mi piacerebbe un vostro parere su questo bond che si acquista a 101,40 circa

FR0000489767

Grazie mille a chi prenderà in considerazione la mia richiesta

 

[Imark]

Ciao a tutti,

mi piacerebbe un vostro parere su questo bond che si acquista a 101,40 circa

FR0000489767

Grazie mille a chi prenderà in considerazione la mia richiesta

Scade il 26 giugno prossimo e sull'euromercato si compra a 100,40...

 

[paologorgo]

NEW YORK (AP) -- A top Toyota executive says the automaker is prepared to deal with a possible bankruptcy filing by rival General Motors.
Toyota Motor Sales USA President Jim Lentz says his company shares about two-thirds of its 500 parts suppliers with GM, which is facing the possibility of a bankruptcy. Lentz made the remarks Wednesday at the New York International Auto Show.
Lentz says only a small number of Toyota suppliers are critically short on cash. Analysts fear that an automaker bankruptcy would take down parts suppliers and disrupt production industrywide.
Lentz says the $5 billion parts supplier bailout by the Obama administration will help preserve the supply base. The Tokyo-based automaker builds cars in the U.S. in Kentucky, Indiana and Texas.


http://finance.yahoo.com/news/Exec-says-Toyota-prepared-for-apf-14881438.html

problema disinnescato...

 

[paologorgo]

la Fiat è riuscita a "vendere" una 500 negli USA. Che riesca ad incassare i soldi, è un altro discorso...

NEW YORK (AP) -- Chrysler President and Vice Chairman Jim Press said Wednesday the government's May 1 deadline for it to complete a deal with Fiat gives the automakers "ample time" to reach a definitive agreement that is key to saving Chrysler from bankruptcy.
"We prefer having a shorter timeframe to get through this period, get all the questions out of our minds, and get back to business as usual," Press said during the first day of media previews at the New York International Auto Show.
He surprised reporters at Chrysler's news conference to unveil a new Jeep Grand Cherokee by arriving on the stage in an iconic Fiat 500 subcompact. The 500, one of the Italian automakers most successful models, would help fill the void of small vehicles in Chrysler's lineup if Chrysler survives and brings Fiat cars to U.S. showrooms by 2011, as planned.
Press said Chrysler has been having a "constructive dialogue" with Fiat. The Italian automaker's chief executive, Sergio Marchionne, flew to Detroit on March 30, the day the Obama administration announced Chrysler and General Motors Corp.'s restructuring plans were insufficient and set strict deadlines for the companies to reach new goals or face bankruptcy.
"At this point in time with Fiat, we don't see anything that would be an impasse or a deal breaker," Press said. "We've had a constructive dialogue going, a cooperative dialogue with all the stakeholders, and we're hopeful that we'll be able to achieve the goals."
He said the company is progressing under the assumption that bankruptcy will not be required.
"We're pursuing the deal with Fiat assuming that a bankruptcy would not be the favored option. It wouldn't be in the best interest," he said. "Obviously you can't rule anything out, but we're working full speed, 24 hours a day to achieve the alliance and get our viability plan approved."
The government has said it will continue providing short-term aid for Chrysler while the Auburn Hills, Michigan, company works out a deal, but Press said Chrysler hasn't needed more than the $4 billion the government provided earlier this year.
"We've been assured that if we need additional short-term aid, it's available from the government," he said. "Right now we're OK at this point in time."
Press declined to comment on reports that banks that lent Chrysler $6.8 billion in 2007 are resisting efforts to convert most of the automaker's debt to equity.
"We've got a lot of discussions going on with a lot of stakeholders, a lot of balls in the air," he said. "Those discussions are going on right now."


http://finance.yahoo.com/news/Chrysler-president-30-days-apf-14881604.html

 

[paologorgo]

NEW YORK (Reuters) - Three bidders remain for General Motors Corp's (NYSE:GM - News) Hummer brand, two sources with knowledge of the matter said on Wednesday, adding that current offers range from $100 million to $200 million in cash, in addition to other commitments.
None of the bidders are automakers. One bidder is from the United States and the other two are from overseas, the sources said, adding that the bidders include private equity and wealthy individuals
The sources declined to be identified because the details of the auction are not public.
Under the terms being discussed for the Hummer sale, a buyer would take over GM's liabilities for its 125 U.S. Hummer dealers and commit to further investments in areas such as engineering, marketing and sales, the sources said.
GM's plant in Shreveport, Louisiana, which makes the Hummer H3 and the H3T pickup, will not be part of the deal, the sources said. Instead, GM will continue making the vehicles there and will supply them to the new owner.
GM has only recently hired an engineering firm to prepare an investment plan for future Hummer models to submit to the remaining bidders for their consideration in shaping final proposals, the sources said.
GM declined to comment on the specifics of the process.
"We have received several strong bids for the brand and those are in the final stages of review," GM spokesman Nick Richards said on Wednesday. "We are cautiously optimistic that we will report a favorable outcome to sell the brand in a very short time period."
The details underscore how GM's ten-month-long effort to unload the unprofitable Hummer brand has run longer than expected, and will yield less than the automaker's bullish expectations when the process began.
The terms of the deals being discussed also would keep GM as a manufacturer of the vehicles at a time when it is under pressure to simplify its vehicle line-up and streamline its engineering efforts.
GM cannot sell its Shreveport plant because it also makes the Chevrolet Colorado and the GMC Canyon there.
LOSSES, LOANS
GM, which has lost about $82 billion since 2005, has received $13.4 billion in federal loans and is seeking more than $16 billion in additional government aid.
GM had promised to have a decision by the end of March on whether it would sell or fold Hummer. But it missed that deadline, along with other key targets set by the White House-appointed autos task force.
The task force has given GM 60 days to come up with a restructuring plan that cuts costs and debt levels more deeply than the automaker had planned.
By that point, officials have promised a decision on whether to support GM's turnaround as a much smaller auto company or whether to put it through a bankruptcy process intended to shed debt and laggard assets.
It was not immediately clear how a GM bankruptcy would affect the interest of the remaining bidders for Hummer or whether it would delay the closing of any deal.
BIDDER REJECTED
An industrialist from Kentucky in March offered GM $100 million in cash for Hummer, along with an investment commitment of a $100 million for engineering, another source with knowledge of those talks said.
The offer also assumed GM's franchise agreement liabilities with Hummer dealers, estimated at about $350 million, the source said.
The bidder, who owns several companies that supply parts to the auto and aerospace industries, had also put together plans for new powertrain options for Hummer, including a hybrid version of the H3 that would double its fuel economy from the current 14 to 18 miles per gallon.
GM rejected that bid last month, after asking for the cash offer to be raised by $100 million, the source said.
Investment bankers had initially estimated that Hummer could fetch between $500 million and $750 million, considering it a distressed asset.
But as the months have passed by, that valuation has been hurt by the weakening economy, continued tightness in credit markets and a lack of interest, bankers have said.
GM is also facing the challenge of selling the gas-guzzling brand amid a plunge in U.S. auto sales, which have fallen to their lowest level in almost three decades.
Moreover, the Hummer auction started last summer, when oil prices reached record highs and caused consumers to shun big SUVs and trucks, a shift most analysts expect to be permanent.
GM sold about 27,485 Hummers in the United States in 2008, down 51 percent from a year earlier. Hummer SUVs start at roughly $31,000 and go up to nearly $72,000 with options.
(Reporting by Jui Chakravorty; Editing by Bernard Orr and Carol Bishopric)


http://finance.yahoo.com/news/Three-bidders-left-in-Hummer-rb-14887173.html

 

[Gaudente]

francamente mi chiedo chi possa essere tanto fesso da pagare anche solo un centesimo per associare i propri prodotti ad una bruttura simile http://www.hummereurope.com/Hummermodels/h3?region=it-it
chi accettase di apporre il marchio Hummer sui propri veicoli dovrebbe ricevere un indennizzo, altro che pagare una royalty
Volendo lanciare un nuovo fuoristrada, piuttosto che comprare il marchio Hummer per 100 milioni, offrirei a Matt Groening 100.000 $ per rilevare il suo marchio "Canyonero" dalla serie dei Simpsons