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

[stordits]

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.

tutto giusto ma cio' che no capisco, caspita sei bondholder investitore istituzionale, hai fatto una pirlata e ti trovi in mano gm bond, ti offrono 8 cash 16 bond e una cartata di azioni, ma cosa aspetti a dire ok
comprandoti una bella put su gm stock e se non la trovi, vendendoti un call su gm stock ad ogni prezzo??
sto parlando di investitori supposti istituzionali supposti professionali
poi il retail che vuole puntare 5000 euro sul rosso o nero non fa testo

 

[paologorgo]

tutto giusto ma cio' che no capisco, caspita sei bondholder investitore istituzionale, hai fatto una pirlata e ti trovi in mano gm bond, ti offrono 8 cash 16 bond e una cartata di azioni, ma cosa aspetti a dire ok
comprandoti una bella put su gm stock e se non la trovi, vendendoti un call su gm stock ad ogni prezzo??
sto parlando di investitori supposti istituzionali supposti professionali
poi il retail che vuole puntare 5000 euro sul rosso o nero non fa testo

e se avessero pensato di trovarsi di fronte un interlocutore "debole" che avrebbe accettato il loro rilancio? In definitiva i rumors erano che volevano una garanzia statale sul 16% in bonds, che restavano di una azienda tutto meno che sicura di ripagarli... - per non parlare dello scandalo quando a Dicembre si era parlato di 30 centesimi come valore dei bond... erano tutti disposti a definire vergognoso il commento di Corker in Senato... oggi valgono un terzo...

Per venire alla prima domanda (valore bond ed azioni...), viviamo anche in tempi strani.

Vedi GEN GROWTH PROP INC - le azioni valgono più di 1 $, i bond in default hanno già fatto rimborsare i CDS...

NEW YORK, April 15 (Reuters) - Credit default swaps insuring the debt of The Rouse Company, a subsidiary of General Growth Properties Inc GGP.N, are worth around 28.25 percent of the debt they insure, based on initial results of an auction on Tuesday to determine the contracts' value, said auction administrators Creditex and Markit.
That means that sellers of protection will need to pay out around 71.75 percent of the value of the bonds they insured, or $7.17 million per $10 million of insurance sold. Credit default swaps are used to insure against a borrower defaulting.
Payments on the contracts were triggered after the company failed to pay more than $2 billion in debt due on March 16.
A group of General Growth's bondholders have asked their trustee to sue the mall owner for payment on their past-due bonds, the Wall Street Journal reported on Monday.

(storia diversa, lo so, ma la porto come paradosso...)

 

[Imark]

tutto giusto ma cio' che no capisco, caspita sei bondholder investitore istituzionale, hai fatto una pirlata e ti trovi in mano gm bond, ti offrono 8 cash 16 bond e una cartata di azioni, ma cosa aspetti a dire ok
comprandoti una bella put su gm stock e se non la trovi, vendendoti un call su gm stock ad ogni prezzo??
sto parlando di investitori supposti istituzionali supposti professionali
poi il retail che vuole puntare 5000 euro sul rosso o nero non fa testo

Anche perché è fisiologico, se ti fanno un'offerta, considerarla una base di trattativa... quand'anche spuntassi un qualcosa in più, se c'è un organismo di rappresentanza di una platea di obbligazionisti istituzionali, tenderà a fare una controposta, piuttosto che a reagire chiedendo dove si firma per accettare l'offerta...

Poi, quando si aspettavano di condurre una trattativa, gli hanno fatto fuori il negoziatore ed hanno tolto l'offerta dal tavolo...

 

[lorenzo63]

Intanto..Investor Group Approaches GM To Acquire Saturn Brand

La Hummer nn riescono a piazzarla, ma forse Saturn sì...

An investor group that includes a number of Saturn retailers said Wednesday it has approached struggling auto maker General Motors Corp. (GM) to acquire and operate the principal assets of Saturn, saying the model would benefit as a new independent retailer.

If successful, the company would outsource auto production, initially from GM, and eventually make "smaller, fuel-efficient vehicles" from a range of companies.

Saturn is among the properties GM has said it is looking to pare as it focuses on its primary brands, including Chevrolet and Cadillac, while trying to stem red ink and deal with an industry sales depression.

Private-equity firm Black Oak Partners LLC said it was working with Saturn retailers to acquire Saturn Distribution Corp., the group that franchises with Saturn retailers. The entity didn't disclose any monetary offer and an official declined comment, though did say informal talks began last month.

A spokeswoman from GM wasn't available to comment.

In a statement, investor group spokesman John S. Pappanastos said, "GM will be relieved of liabilities related to retailer franchise agreements and avoid the downstream financial fallout on their other brands that would result from closing Saturn retail facilities." He said the move would salvage more than 10,000 retail jobs that might otherwise be lost in a GM reorganization and "mitigate the potential for substantial local economic impact from Saturn retailer bankruptcies."

Saturn dealers have been anxious about their future as GM has faced intense government pressure to accelerate its restructuring. In February, the company announced it would close its Saturn brand, with dealerships planned to be closed by 2011 and no new models set to be introduced under the nameplate. The announcement was part of GM's viability plan that it submitted to Congress and Obama administration.

GM has already received $13.4 billion from the U.S. government to stay afloat and is seeking an additional $16.6 billion cash infusion.

Its shares were up 5.1% to $1.87 in recent trading; the stock has lost 87% of its value from September

 

[paologorgo]

Auto supplier Noble seeks bankruptcy protection


* Cites frozen credit, volume declines
* European, Asian, Mexican units excluded
DETROIT, April 15 (Reuters) - Auto parts supplier Noble International Ltd (NOBL.O) filed for Chapter 11 bankruptcy protection for its North American operations on Wednesday, citing a steep decline in auto production and tight credit.
Noble is the latest U.S. auto parts supplier to seek bankruptcy protection as a result of the decline in U.S. vehicle sales to their lowest level in nearly 27 years and the increasing financial strain on Detroit's automakers.
The Troy, Michigan-based company, which makes laser-welded blanks and roll-formed products and other steel components, has supplied parts to General Motors Corp (GM.N), Ford Motor Co (F.N) and Chrysler LLC.
"The frozen credit markets and diminished volumes have limited our ability to effectuate a solution outside of bankruptcy," Noble Chief Executive Andrew Tavi said in a statement.
The company said three of its customers recently moved to buy laser-welded products from other suppliers.
Noble said in March it was seeking short-term funding from Detroit's three automakers, and that without help it was unlikely to maintain operations to March 23.
The auto supplier defaulted on a debt payment on March 1.
Noble's European, Asian and Mexican affiliates are excluded from the bankruptcy.
Noble provides steel structural components to the auto industry, including parts that increase vehicle body strength and reduce weight. Customers also include Daimler AG (DAIGn.DE), BMW (BMWG.DE), Fiat SpA (FIA.MI) and Honda Motor Co Ltd (7267.T).
The U.S. auto industry is suffering from its worst downturn in decades, with industrywide sales about 40 percent in the first three months of 2009. (Reporting by Soyoung Kim; Editing by Gary Hill)

http://www.reuters.com/article/marketsNews/idINN1552598120090415?rpc=44

 

[paologorgo]

Vedi GEN GROWTH PROP INC - le azioni valgono più di 1 $, i bond in default hanno già fatto rimborsare i CDS...

OT, è andata...

NEW YORK, April 16 (Reuters) - General Growth Properties Inc GGP.N, the second largest U.S. mall owner, on Thursday filed for Chapter 11 bankruptcy protection from its creditors, making it one of the biggest victims of the credit crisis yet.
The Chicago-based owner or operator of more than 200 malls in 44 states, filed for bankruptcy protection in U.S. Bankruptcy Court in Manhattan, after spending months trying to work out deals with its lenders.
The case is In re: South Street Seaport Limited Partnership, U.S. Bankruptcy Court, Southern District of New York.


http://www.reuters.com/article/marketsNews/idINBNG40995120090416?rpc=44

 

[paologorgo]

Canada min calls for GM/Chrysler pay cuts -paper

April 16 (Reuters) - Workers at General Motors (GM.N) and Chrysler in Canada must take wage and benefit cuts of as much as C$19 ($15.77) an hour to keep the carmakers from bankruptcy protection, Canada's Industry Minister told a newspaper.
The Canadian Auto Workers (CAW) union would have to reach new deals at both Chrysler and General Motors of Canada Ltd before the government provides long-term loans to keep the companies afloat, Industry Minister Tony Clement told the Globe and Mail in an interview.
"We're coming down to the point where we need everybody to realize the dire situation facing the companies," he said.
CAW president Ken Lewenza told the paper "$19 an hour is unreasonable".
Fiat SpA (FIA.MI) Chief Executive Marchionne, in an interview with the Globe published on Wednesday, said a deal on a partnership between Fiat and Chrysler had only a 50-50 chance of succeeding because of a lack of progress in talks between Chrysler and union leaders. [ID:nLF625786] (Reporting by Ajay Kamalakaran in Bangalore, editing by Will Waterman) ($1=1.205 Canadian dollar)

http://www.reuters.com/article/marketsNews/idINBNG33356720090416?rpc=44

 

[Imark]

Il 2033 in euro sotto i 7 ...

Il 2013 sotto i 10...

 

[paologorgo]

Il 2033 in euro sotto i 7 ...

Il 2013 sotto i 10...

attento con quell'ordine a $1...

si delineano le strategie per le controllate estere:

FRANKFURT, April 16 (Reuters) - The European unit of General Motors (GM.N) could still pay salaries and continue functioning even if its stricken U.S. parent files for Chapter 11 bankruptcy protection, a spokesman for Opel said on Thursday.
"GM Europe has its own pool of liquidity," the spokesman said. It uses these funds to pay staff wages, reimburse suppliers and make investments.
Washington has given General Motors until the end of May to nail down a new restructuring plan it needs to keep getting U.S. government bailout funds.
The alternative would be for the biggest U.S. carmaker to seek protection from creditors, a step it wants to avoid.
The Opel spokesman declined to comment on a report by Germany's Sueddeutsche Zeitung paper that Opel and GM have reached a deal that would return crucial patents to Opel in exchange for dropping claims against General Motors.
The report, which cited unidentified people familiar with the matter, said the patent deal still needs approval from the U.S. government, which got the patents as collateral against emergency loans to GM.
Opel would not automatically be cut off from GM funding even if its parent files for insolvency, a banker familiar with the matter said. This would depend on what kind of a deal is struck between Opel and GM, the banker said.
Annerose Tashiro, an insolvency expert at law firm Schultze & Braun, said payments could continue if they ultimately help pay off creditors. Payments would, however, need to be approved by an insolvency adiministrator.
"This is a cumbersome process so the money could flow more slowly than normal," she added.
In order to prevent liquidity bottlenecks, Opel has requested loan guarantees of 3.3 billion euros ($4.34 billion) from governments around Europe.
German Chancellor Angela Merkel has made the approval of any such guarantees from Germany conditional on finding an investor.
(Reporting by Angelika Gruber, Philipp Halstrick, Gernot Heller, writing by Edward Taylor; Editing by David Cowell)

http://www.reuters.com/article/marketsNews/idINLG93936220090416?rpc=44

 

[paologorgo]

General Motors Corp.’s Chief Executive Fritz Henderson will brief the media on the progress of its restructuring Friday at 10:15 a.m. EDT. “We anticipate that this will be the first of a series of updates designed to provide perspective on GM’s situation, decisions and actions,” the company said in a release on its media Web site.