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

[Researcher]

Infatti non li vale...

Io aspetto sempre a 1....però mi metto due tic sopra (1,02) per fregarle a Mark

 

[paologorgo]

MILAN, April 15 (Reuters) - Fiat's (FIA.MI) chief executive said he was ready to abandon plans to form a partnership with Chrysler LLC [CBS.UL] if the U.S. car maker's unions refused to accept substantial cost cuts, according to a newspaper.
"Absolutely we are prepared to walk," Sergio Marchionne said in an interview published on the website of Canada's Globe and Mail on Wednesday. "We cannot commit to this organisation unless we see light at the end of the tunnel."
Marchionne said he saw only a 50-50 chance of the partnership being formed due to the lack of progress on labour negotiations, especially on the side of the Canadian unions.
Fiat confirmed the comments made by Marchionne to the newspaper. (Reporting by Gilles Castonguay and Ian Simpson)

http://www.reuters.com/article/marketsNews/idCALF28313720090415?rpc=44

 

[paologorgo]

The U.S. government is considering swapping some of the $13.4 billion it lent General Motors Corp. for ownership in a stripped-down version of the auto maker, a move it hopes will push the United Auto Workers union and bondholders to accept similar concessions, said people familiar with the matter.
Interim GM Chairman Kent Kresa said the company would welcome the government's willingness to let it pay off some of the loans with stock. "Certainly that would be helpful," he said in an interview Tuesday.
But the move also could leave the federal government a direct shareholder in the car maker for years to come, a position certain to be controversial.
The government is considering the step because it hasn't had success finding outside private investors for a revamped GM, said a person close to the situation. The government and GM advisers are "creating a new GM on the fly," said this person. The U.S. wants GM's revamping plan to be set by June 1.
The government hasn't said how much of its loans it is willing to swap for GM equity, but doesn't seem to be opposed to swapping all the debt, said this person.
The plan would further enmesh the federal government in a private U.S. company and raise questions about how much a management role the government would take and how long it would own the GM shares.
"If [Obama auto task force head Steve] Rattner acts like the distressed-debt investor he is, then he will hold it for as long as he can and ride it back up before he sells," said one person involved in the process. The Treasury Department didn't return a call seeking comment.
The Treasury is in line to be paid off before GM bondholders or the UAW, which is owed billions of dollars in retiree health-care funds. If the Treasury agrees to convert its debt to equity in a cleaned-up GM -- either outside or inside bankruptcy -- that will put pressure on the other parties to do the same, strengthening the revamped GM, said two people familiar with the situation.
The Obama administration decided a few weeks ago that bankruptcy is the most likely outcome for GM.
Mr. Kresa -- installed in his job by the government at the end of March -- said the car maker is running out of time to restructure outside of bankruptcy. He said GM's board remains convinced that an out-of-court restructuring is preferred, but added that "time is not on our side on trying to get things done out of bankruptcy."
GM is looking to launch a debt-for-equity swap with bondholders by Friday. A deal would be needed by then for the company to shrink its obligations by the time $1 billion in outstanding debt comes due June 1.
The U.S. also is pressing to resolve talks involving car-parts maker Delphi Corp., a former GM unit that may be forced to liquidate if it can't secure funding, Mr. Kresa said. GM shares rose 4% to $1.78 Wednesday on the New York Stock Exchange.
Write to Jeffrey McCracken at [email protected] and Sharon Terlep at [email protected]


http://online.wsj.com/article/SB123972054506117179.html?ru=yahoo&mod=yahoo_hs

 

[paologorgo]

BEIJING – General Motors Corp. would need to build another car-assembly plant in China to meet its stated goal of doubling its annual sales in the country to two million vehicles in five years, a senior company executive said Wednesday.
"We're pretty well placed to do a lot of growth at the moment without having to spend a lot of money," Kevin Wale, head of GM China Group, said in an interview with The Wall Street Journal. That said, "we would probably need at most one new facility to get to two million units."
Mr. Wale gave no indication that GM is already planning an additional factory in China. He said most of the company's existing plants in China have been designed and built with flexibility for expansion, and that GM will try to squeeze more production capacity out of those existing plants.
GM, which is surviving on government loans at home, said last week it hopes to increase its annual China sales in five years. Last year, its sales in China rose 6% to 1,094,561 vehicles, including sales of micro minivans made with Wuling Automobile Co., on of its Chinese partners. The U.S. auto maker said at the time that it will expand its production capacity in China as well as its product portfolio. It plans to add 30 new models in China over the next five years, a spokeswoman said.
GM in December opened a new passenger-vehicle plant in the northeastern Chinese city of Shenyang. That plant, the fifth one that GM runs with main Chinese joint-venture partner SAIC Motor Corp., has begun ramping up production of the Chevrolet Cruze, the first compact sedan for the Chevy franchise in China. GM said the new car should arrive in dealer showrooms during the second quarter this year.
GM also has two additional plants run by a separate, three-way venture GM jointly operates with SAIC and Wuling. That company produces and markets micro minivans.


http://online.wsj.com/article/SB123979346116820629.html?ru=yahoo&mod=yahoo_hs

 

[stordits]

gm bondholder qualcosa non mi quadra

The U.S. government is considering swapping some of the $13.4 billion it lent General Motors Corp. for ownership in a stripped-down version of the auto maker, a move it hopes will push the United Auto Workers union and bondholders to accept similar concessions, said people familiar with the matter.
Interim GM Chairman Kent Kresa said the company would welcome the government's willingness to let it pay off some of the loans with stock. "Certainly that would be helpful," he said in an interview Tuesday.
But the move also could leave the federal government a direct shareholder in the car maker for years to come, a position certain to be controversial.
The government is considering the step because it hasn't had success finding outside private investors for a revamped GM, said a person close to the situation. The government and GM advisers are "creating a new GM on the fly," said this person. The U.S. wants GM's revamping plan to be set by June 1.
The government hasn't said how much of its loans it is willing to swap for GM equity, but doesn't seem to be opposed to swapping all the debt, said this person.
The plan would further enmesh the federal government in a private U.S. company and raise questions about how much a management role the government would take and how long it would own the GM shares.
"If [Obama auto task force head Steve] Rattner acts like the distressed-debt investor he is, then he will hold it for as long as he can and ride it back up before he sells," said one person involved in the process. The Treasury Department didn't return a call seeking comment.
The Treasury is in line to be paid off before GM bondholders or the UAW, which is owed billions of dollars in retiree health-care funds. If the Treasury agrees to convert its debt to equity in a cleaned-up GM -- either outside or inside bankruptcy -- that will put pressure on the other parties to do the same, strengthening the revamped GM, said two people familiar with the situation.
The Obama administration decided a few weeks ago that bankruptcy is the most likely outcome for GM.
Mr. Kresa -- installed in his job by the government at the end of March -- said the car maker is running out of time to restructure outside of bankruptcy. He said GM's board remains convinced that an out-of-court restructuring is preferred, but added that "time is not on our side on trying to get things done out of bankruptcy."
GM is looking to launch a debt-for-equity swap with bondholders by Friday. A deal would be needed by then for the company to shrink its obligations by the time $1 billion in outstanding debt comes due June 1.
The U.S. also is pressing to resolve talks involving car-parts maker Delphi Corp., a former GM unit that may be forced to liquidate if it can't secure funding, Mr. Kresa said. GM shares rose 4% to $1.78 Wednesday on the New York Stock Exchange.
Write to Jeffrey McCracken at [email protected] and Sharon Terlep at [email protected]


http://online.wsj.com/article/SB123972054506117179.html?ru=yahoo&mod=yahoo_hs

PERCHE' I BONDHOLDER HANNO RIFIUTATO
8 CASH + 16 BOND + AZIONI??
io me li sarei presi subito mentre loro hanno rifiutato

gmac bondholders hanno costretto lo stato a divenire azionista e ora i bond gmac viaggiano a 70-80

non capisco ci deve essere qualcosa sul prestito dei 13,4 bio usd del governo americano che gli "incapretta" . Se solo Obama perde un solo 1 dollaro dei contribuenti ............ sono uccelli per diabetici
certo il bond a 9 fa' paura ma perche' il titolo vale 1,75 ??
dovrebbe essere a 0,05
qualhce commento???

 

[TheLondoner]

PERCHE' I BONDHOLDER HANNO RIFIUTATO
8 CASH + 16 BOND + AZIONI??
io me li sarei presi subito mentre loro hanno rifiutato

gmac bondholders hanno costretto lo stato a divenire azionista e ora i bond gmac viaggiano a 70-80

non capisco ci deve essere qualcosa sul prestito dei 13,4 bio usd del governo americano che gli "incapretta" . Se solo Obama perde un solo 1 dollaro dei contribuenti ............ sono uccelli per diabetici
certo il bond a 9 fa' paura ma perche' il titolo vale 1,75 ??
dovrebbe essere a 0,05
qualhce commento???

me ne vado per un'idea... può darsi chei i grossi bondholder abbiano belle coperture in cds sul debito di GM...a qesto punto a loro conviene incassare i premi su un'eventuale default anzichè ricevere una tazza di riso da GM...

 

[stordits]

puo' essere ma

me ne vado per un'idea... può darsi chei i grossi bondholder abbiano belle coperture in cds sul debito di GM...a qesto punto a loro conviene incassare i premi su un'eventuale default anzichè ricevere una tazza di riso da GM...

penso che i cds siano un mercatio liquido in e out dunque se tu sei lungo di cds comprato a 300 e oggi vale 3000 te lo vendo e liberi il bond dalla copertura

forse pero' questa puo essere una spiegazione del perche' il bond vale 9
sul mercato azionario se io ti vendo una put su un titolo, per hedgiarmi devo vendere corto il titolo e piu' scende piu' ne vendo fino al punto di essere hedgiato al 100% della put che ti ho venduto nel caso che lo strike della put sia ormai lontanissimo dal prezzo del titolo

dunque se ti ho venduto un cds di gm io a questi prezzi devo essere corto di gm bond per l'intera size del cds altrimenti se il bond va' a zero io venditore di cds ho perso soldi

 

[Imark]

Intanto Marchionne stima al 50% le possibilità di raggiungere un accordo che renda ipotizzabile l'ingrsso di Fiat in Chrysler...

Fiat CEO: Concessions or no Chrysler deal

Report: Fiat CEO says Chrysler deal will fail if unions don't make concession

MILAN (AP) -- Automaker Fiat Group SpA will walk away from a deal to take a 20-percent stake in Chrysler LLC if the U.S. automaker's unions don't agree to major cost cuts, Fiat CEO Sergio Marchionne said in an interview published Wednesday.

Fiat and Chrysler are up against an April 30 deadline for Fiat to take a stake in the failing U.S. automaker in exchange for small car technology, but Chrysler first needs concessions from creditors and unions to ink the Fiat deal. If the Fiat alliance isn't finalized by then, the U.S. government has threatened not to provide any more aid and let Chrysler be sold off in pieces.

"Absolutely we are prepared to walk. There is no doubt in my mind," he said. "We cannot commit to this organization unless we see light at the end of the tunnel," Fiat CEO Sergio Marchionne said in an interview published in the Toronto Globe and Mail.

A Fiat spokesman confirmed Marchionne's statements. Marchionne was attending a shareholders meeting of the Swiss bank UBS in Zurich on Wednesday.

Marchionne said there is a 50 percent chance the deal will fail because of lack of progress in labor negotiations in both the United States and Canada.

"The dialogue is out of sync," Marchionne said. "I think they need to see what state the industry is in. Canada and the U.S. are coming in as the lender of last resort. .... No one else would put a dollar in. This is the worst condemnation of the viability of this business.

Marchionne said no one wants to remove the U.S. and Canadian autoworkers' unions from the table. "But it will happen if a bankruptcy process drags on. The UAW and the CAW have a unique opportunity here to change the framework of the discussion."

Under terms of the nonbinding agreement between Fiat and Chrysler, Fiat is not committing to inject any cash into Chrysler nor would it take on any Chrysler debt. Industry experts have said that the absence of any cash beyond an additional $6 billion from the U.S. government if the Fiat deal goes through still leaves unanswered how Chrysler can survive until the partnership begins to bear fruit.

The Obama administration has supported the deal, praising the current Fiat management for its turnaround of the once-failing Italian automaker and saying that Chrysler is not viable as a standalone company.

Chrysler would benefit from small car technology that it lacks, and Marchionne said that Fiat could start selling its successful remake of the iconic Fiat 500, or Cinquecento in Italian, made in North America as soon as next year.

Fiat, while gaining a stake in a company that it hopes one day will regain its value, also plans to relaunch the sporty Alfa Romeo brand in North America. The new Alfa 149, to be unveiled next year, would be built in North America as a successor to the larger Alfa 159, Marchionne said.

Chrysler would also launch its own small car based on the 500 platform, Marchionne said. "Chrysler needs its own Cinquecento, meaning a model that is the remaking of Chrysler," Mr. Marchionne said.

 

[paologorgo]

Intanto Marchionne stima al 50% le possibilità di raggiungere un accordo che renda ipotizzabile l'ingrsso di Fiat in Chrysler...

buttiamola in ridere: Marchionne è perfettamente conscio dei problemi di integrazione che attenderebbero Fiat negli USA:

Orrore in Alabama: il Ku-Klux-Klan brucia una Duna


Gli incappucciati si giustificano: «Era l’unico modo per accenderla». Tornano i giorni amari del razzismo: per i veri americani è più facile accettare un nero alla Casa Bianca che una Fiat davanti a casa propria. Montgomery, arrestata una Panda: aveva rifiutato di cedere il posto a una Ford per protestare contro la segregazione dei parcheggi. Ma Obama insiste: «Ho un sogno: che un giorno, sulle rosse colline della Georgia una Chrysler e una Fiat possano bere allo stesso distributore.» Tragedia a un MacDonald: obeso mangia una Nuova Cinquecento scambiandola per un doppio cheeseburger. Hollywood si adegua: presto al cinema «L’officina dello zio Tom», la commovente epopea di un elettrauto nero che non guarda al colore della carrozzeria, e «Indovina chi viene a piedi», la storia di una ragazza wasp che, contro la volontà dei genitori, si innamora di una Multipla.

http://www.liaceli.com/2009/04/01/orrore_in_alabama_il_ku-klux-k.html

 

[Gaudente]

certo il bond a 9 fa' paura ma perche' il titolo vale 1,75 ??
dovrebbe essere a 0,05
qualche commento???

Mai sottovalutare la potenza dei coglioni.
Hai un'idea di quanti pirla ci siano che sono convinti che GM a due dollari sia un affare perche' viene giu' da quaranta "e quindi prima o poi deve tornare su" ?
O che sono convinti che "dopo una crisi arriva sempre la ripresa e quindi arrivera' anche per GM" ?
Basta leggere sui forum per vedere che razza di coglioni ci stanno in giro.
Azioni GM a due dollari e bond 2033 a 7 cents con un'equity negativa di 86 miliardi ? Ordinaria follia, niente di nuovo sotto il sole.