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

[paologorgo]

* All-equity conversion for bondholder, UAW debt-sources
* Offer to convert all $48 bln of debt into equity-sources
* Treasury could convert its own loans to GM stock-sources (Adds equity-based plan details, background from comments by GM CEO)
By Soyoung Kim and Emily Chasan
DETROIT/NEW YORK, April 17 (Reuters) - The Obama administration has directed General Motors Corp (GM.N) to prepare a new debt restructuring plan that would convert all of the $48 billion the automaker owes bondholders and its major union into equity, people briefed on the plan said on Friday.
The U.S. Treasury, which has provided $13.4 billion in emergency funding to keep GM operating since the start of the year, has indicated that it could also convert those taxpayer-backed loans into GM stock, the sources told Reuters.
GM plans to make the new proposals to bondholders and the United Auto Workers union within the next two weeks, the sources said.
The sources asked not to be identified because of the confidential nature of the talks between the automaker and President Barak Obama's autos task force, which is charged with retooling the U.S. auto industry.
GM representatives could not be immediately reached for comment. The Treasury Department had no immediate comment.
The proposals emerged after two weeks of intense talks between the autos task force, headed by former investment banker Steve Rattner, and GM executives in Detroit.
The proposed payout to GM's major union and its bondholders in stock alone would represent much deeper concessions for both groups than the terms they had been offered under the GM bailout loans approved by the Bush administration.
"The task force was clear this was the best way for GM to achieve success going forward," said one of the sources.
Under the terms of its former restructuring plan, GM had aimed to cut its roughly $28 billion of bond debt by two-thirds and convert half of the remaining $20 billion it owes to its retiree health care fund in equity, rather than cash.
But the autos task force rejected that plan, saying GM needed to cut more debt from its balance sheet in order to be a profitable company.
GM Chief Executive Fritz Henderson, who assumed the top job in late March when the Obama administration ousted his predecessor, Rick Wagoner, told reporters on Friday that GM management had spent the past two weeks working with U.S. officials on a revised business plan.
That plan, which will include more job cuts and plant closures, will be shared with bondholders and the union as talks on the planned debt restructuring intensify in coming weeks, he said.
It was still feasible for GM to avoid bankruptcy, but Henderson said the automaker was also working on detailed plans for a filing if it is forced to restructure under court protection. (Reporting by Soyoung Kim and Emily Chasan; writing by Kevin Krolicki; editing by Leslie Gevirtz)



http://uk.reuters.com/article/motoringAutoNews/idUKN1733369920090417

 

[Researcher]

* All-equity conversion for bondholder, UAW debt-sources
* Offer to convert all $48 bln of debt into equity-sources
* Treasury could convert its own loans to GM stock-sources (Adds equity-based plan details, background from comments by GM CEO)
By Soyoung Kim and Emily Chasan
DETROIT/NEW YORK, April 17 (Reuters) - The Obama administration has directed General Motors Corp (GM.N) to prepare a new debt restructuring plan that would convert all of the $48 billion the automaker owes bondholders and its major union into equity, people briefed on the plan said on Friday.
The U.S. Treasury, which has provided $13.4 billion in emergency funding to keep GM operating since the start of the year, has indicated that it could also convert those taxpayer-backed loans into GM stock, the sources told Reuters.
GM plans to make the new proposals to bondholders and the United Auto Workers union within the next two weeks, the sources said.
The sources asked not to be identified because of the confidential nature of the talks between the automaker and President Barak Obama's autos task force, which is charged with retooling the U.S. auto industry.
GM representatives could not be immediately reached for comment. The Treasury Department had no immediate comment.
The proposals emerged after two weeks of intense talks between the autos task force, headed by former investment banker Steve Rattner, and GM executives in Detroit.
The proposed payout to GM's major union and its bondholders in stock alone would represent much deeper concessions for both groups than the terms they had been offered under the GM bailout loans approved by the Bush administration.
"The task force was clear this was the best way for GM to achieve success going forward," said one of the sources.
Under the terms of its former restructuring plan, GM had aimed to cut its roughly $28 billion of bond debt by two-thirds and convert half of the remaining $20 billion it owes to its retiree health care fund in equity, rather than cash.
But the autos task force rejected that plan, saying GM needed to cut more debt from its balance sheet in order to be a profitable company.
GM Chief Executive Fritz Henderson, who assumed the top job in late March when the Obama administration ousted his predecessor, Rick Wagoner, told reporters on Friday that GM management had spent the past two weeks working with U.S. officials on a revised business plan.
That plan, which will include more job cuts and plant closures, will be shared with bondholders and the union as talks on the planned debt restructuring intensify in coming weeks, he said.
It was still feasible for GM to avoid bankruptcy, but Henderson said the automaker was also working on detailed plans for a filing if it is forced to restructure under court protection. (Reporting by Soyoung Kim and Emily Chasan; writing by Kevin Krolicki; editing by Leslie Gevirtz)



http://uk.reuters.com/article/motoringAutoNews/idUKN1733369920090417

Se pure il tesoro convertisse in equity le cose sono due:
1) o stanno dicendo: i soldi dei taxpayers sono, per gran parte, andati a fondo perduto
2) oppure, si fidano di recuperare il prestito con l'equity.....In quanto tempo? 150 anni!!!......per le future generazioni

 

[Affori1nice]

http://it.biz.yahoo.com/17042009/42/gmac-approfitta-dei-tassi-bassi-per-incrementare-erogazioni.html

Mi permetto di postare questa notiziola per sottolineare il differente destino di Gmac, aggiungo che eventuali ristrutturazioni aziendali ecc di cui avete parlato con la competenza che vi riconosco, riguardanti GM, vedranno comunque in gmac il braccio finanziario non essendo concepibile che una GMgood company si affidi ad altri o parta da zero all'interno del mercato americano tradizionalmente molto legato al credito al consumo.

Colgo l'occasione per ringraziarvi del tempo che dedicate a queste valutazioni.

 

[Researcher]

http://it.biz.yahoo.com/17042009/42/gmac-approfitta-dei-tassi-bassi-per-incrementare-erogazioni.html

Mi permetto di postare questa notiziola per sottolineare il differente destino di Gmac, aggiungo che eventuali ristrutturazioni aziendali ecc di cui avete parlato con la competenza che vi riconosco, riguardanti GM, vedranno comunque in gmac il braccio finanziario non essendo concepibile che una GMgood company si affidi ad altri o parta da zero all'interno del mercato americano tradizionalmente molto legato al credito al consumo.

Colgo l'occasione per ringraziarvi del tempo che dedicate a queste valutazioni.

Infatti, bond gmac che scadono fra qualche mese e che quotano 80-83 sono un segnale di sicurezza......

 

[troppidebiti]

* All-equity conversion for bondholder, UAW debt-sources
* Offer to convert all $48 bln of debt into equity-sources
* Treasury could convert its own loans to GM stock-sources (Adds equity-based plan details, background from comments by GM CEO)
By Soyoung Kim and Emily Chasan
DETROIT/NEW YORK, April 17 (Reuters) - The Obama administration has directed General Motors Corp (GM.N) to prepare a new debt restructuring plan that would convert all of the $48 billion the automaker owes bondholders and its major union into equity, people briefed on the plan said on Friday.
The U.S. Treasury, which has provided $13.4 billion in emergency funding to keep GM operating since the start of the year, has indicated that it could also convert those taxpayer-backed loans into GM stock, the sources told Reuters.
GM plans to make the new proposals to bondholders and the United Auto Workers union within the next two weeks, the sources said.
The sources asked not to be identified because of the confidential nature of the talks between the automaker and President Barak Obama's autos task force, which is charged with retooling the U.S. auto industry.
GM representatives could not be immediately reached for comment. The Treasury Department had no immediate comment.
The proposals emerged after two weeks of intense talks between the autos task force, headed by former investment banker Steve Rattner, and GM executives in Detroit.
The proposed payout to GM's major union and its bondholders in stock alone would represent much deeper concessions for both groups than the terms they had been offered under the GM bailout loans approved by the Bush administration.
"The task force was clear this was the best way for GM to achieve success going forward," said one of the sources.
Under the terms of its former restructuring plan, GM had aimed to cut its roughly $28 billion of bond debt by two-thirds and convert half of the remaining $20 billion it owes to its retiree health care fund in equity, rather than cash.
But the autos task force rejected that plan, saying GM needed to cut more debt from its balance sheet in order to be a profitable company.
GM Chief Executive Fritz Henderson, who assumed the top job in late March when the Obama administration ousted his predecessor, Rick Wagoner, told reporters on Friday that GM management had spent the past two weeks working with U.S. officials on a revised business plan.
That plan, which will include more job cuts and plant closures, will be shared with bondholders and the union as talks on the planned debt restructuring intensify in coming weeks, he said.
It was still feasible for GM to avoid bankruptcy, but Henderson said the automaker was also working on detailed plans for a filing if it is forced to restructure under court protection. (Reporting by Soyoung Kim and Emily Chasan; writing by Kevin Krolicki; editing by Leslie Gevirtz)



http://uk.reuters.com/article/motoringAutoNews/idUKN1733369920090417

e le vecchie azioni?

come faranno a fare il concambio

ipotizzando anche che l' operazione abbia successo: chi presterà i soldi a gm per i nuovi investimenti?

 

[Affori1nice]

Infatti, bond gmac che scadono fra qualche mese e che quotano 80-83 sono un segnale di sicurezza......

che ti devo dire, leggendo i bilanci di gmac quasi un anno fà, mi ero convinto avessero sufficiente liquidità per arrivare a settembre, scelsi così la scadenza giugno. Ora spero e prego prego e spero. Sinceramente non me la sono più guardata, ormai con un mese e poco più alla scadenza, seguo queste notiziole. P.s. sono pure agnostico

 

[paologorgo]

Auto Task Force to Meet With Salaried Retirees


DETROIT -- Representatives of some 200,000 white collar retirees of the Big Three auto makers will meet with the Obama administration's auto task force later this week, a person familiar with the matter said.
The meeting is part of an effort by salaried retirees to press the case for preserving their retirement benefits amid the restructuring of Detroit. Unlike union workers and retirees, salaried retirees are often vulnerable in restructurings because their benefit packages are not governed by union contracts and companies often can change terms without consulting their former employees.
Representatives of salaried retirees from General Motors Corp., Chrysler LLC, Ford Motor Corp. and supplier Delphi Corp. have been pushing for weeks to get a meeting with the auto task force, which is overseeing the restructuring of GM and Chrysler.
At the meeting, they plan to outline the hardships retirees will suffer if GM and Chrysler are allowed to slash pensions, health care coverage and other retirement benefits.
"Some people think that we're the fat cat execs," said Chuck Austin, president of the National Chrysler Retirement Organization and an engineer who retired a month shy of 40 years. "That's not true at all."
GM and Chrysler both face the possibility of filing for bankruptcy protection, and have already begun cutting back on some benefits to white collar retirees.
The task force has made no guarantees to the groups involved, the person familiar with the matter said. But emails sent to leadership indicate the task force may be receptive to their concerns.
Many retirees began advocating in recent months due to worry their benefits are vulnerable if GM or Chrysler go under. Retirees at Delphi, which has been stuck in bankruptcy court for more than three years, have faced many of the same issues. Earlier this year Delphi cut their health care coverage.
White collar workers include salesmen, marketers, administrators and others in middle management ranks.
Write to Alex P. Kellogg at [email protected]


http://online.wsj.com/article/SB124016633014432579.html?ru=yahoo&mod=yahoo_hs

 

[paologorgo]

GM could sell Opel stake for no gain-FT

NEW YORK, April 19 (Reuters) - General Motors Corp (GM.N) is prepared to part with a controlling stake in Opel/Vauxhall for nothing but a pledge to invest directly in a new company formed from its European operations, the Financial Times said on Sunday, citing two people familiar with its plans.
An investor will be asked to pay at least 500 million euro, or $652 million in equity, but the automaker will realize no financial gain as the money will be injected directly into Opel, the report said, citing a person familiar with GM's thinking.
GM is also prepared to unload Saab, its Swedish premium brand that filed for creditor protection in February, for as little as nothing in order to divest the brand, the report said.
GM, which has lost more than $82 billion since 2005, has received $13.4 billion in federal loans and is seeking more than $16 billion in additional government aid.
The White-House appointed 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.
Last week, GM Chief Executive Fritz Henderson said the automaker was in talks with more than six financial and industrial groups about acquiring a stake in its European arm. [ID:nLH498580]
The FT said Commerzbank, GM's advisers on Opel, last week sent out an offer document for the German brand.
Italy's Fiat and SAIC, GM's main joint venture partner in China, have both denied interest in buying Opel/Vauxhall.
The FT also said GM's European unit is engaged in "aggressive" contingency planning to protect itself in case the company files for bankruptcy in the United States, citing a person familiar with GM's plans.
Options under consideration at GM are said to include putting financing in place for its international holdings ahead of a bankruptcy filing, and seeking debtor in possession financing from the U.S. government for the international operations after a Chapter 11 filing, the report said. (Reporting by Jui Chakravorty Das; Editing by Anshuman Daga) ([email protected]; +1 646 223 6033; Reuters Messaging: [email protected] )

http://www.reuters.com/article/marketsNews/idINN1935466320090420?rpc=44

 

[paologorgo]

GM says to expand in China despite US woes

GM executives say car maker plans continued expansion in China, despite US financial woes

SHANGHAI (AP) -- Dealing with the crisis at General Motors Corp. kept new CEO Fritz Henderson from traveling to Shanghai's auto show, but executives say the company intends to continue growing in China regardless of how its financial mess is resolved.
"Of course, China remains a key market for GM," Nick Reilly, president of GM's Asia-Pacific division, said on the sidelines of the Shanghai Auto Show, which opened Monday. "We will continue to invest in new products for China, in new facilities and the latest in technology," he said.
While it scales back elsewhere, Detroit-based GM is aiming to double sales in China to about 2 million within the next five years, whether it ends up in bankruptcy protection or not, said Kevin Wale, president and managing director of the GM China Group.
"It is very important to understand that if there is a court-ordered restructuring, it is different than in some other countries," Wale said. "A company continues to trade and continues its business and can come out of it stronger than before."
Success in China, the world's second biggest auto market after the U.S. and perhaps soon to be the leading market, is crucial for GM's future.
In China, where total vehicle sales hit a monthly high of 1.1 million in March, GM expects to grow 5 percent to 10 percent this year.
The company's China sales jumped nearly 25 percent last month -- to 137,000 vehicles -- thanks largely to soaring minivehicles sales by its joint venture SAIC-GM-Wuling, which is benefiting from tax cuts and other policies aimed at spurring sales of small, fuel-efficient cars.
Underscoring China's importance to GM, Henderson had planned to attend the Shanghai show despite the pressing June 1 deadline for completing restructuring plans set by the U.S. government.
But he canceled late last week, deeming the U.S. situation his top priority, the company said.
Shanghai is the location for GM's decade-old joint venture with state-owned Shanghai Automotive Industrial Corp.
Reilly acknowledged that GM's precarious financial state makes planning for the future somewhat uncertain.
"We know, however, that there will be no disruptions to our operations here in this region," he said.
GM has had to scale output back and put off or slow projects in some Asian markets due to the impact of the global slowdown, but it is still looking for chances to grow.
It also is in discussions about financing with other governments, including Thailand, Korea and Australia, Reilly said.
But GM's China operations do not expect or need any help from the U.S. or elsewhere, Wale said.
The company remains profitable here and is able to reinvest in its facilities. As it strives to meet its future targets, it may even open another plant in mainland China, he said.
"There is no decision on where it will be when it will be or with whom," Wale said. "To meet the goal of selling 2 million units you have to build them."


http://finance.yahoo.com/news/GM-says-to-expand-in-China-apf-14967783.html?.v=1

 

[paologorgo]

General Motors(GM Quote) will begin a round of tough negotiations with bondholders this month, first making an offer it knows will fail and then threatening to spin off its most valuable assets into a separate company, according to a credit analyst's report.
KDP Investment Advisors analyst Kip Penniman said he expects the outcome of negotiations with bondholders and the United Auto Workers will be a pre-packaged bankruptcy filing by June 1. The talks with bondholders will likely begin with a formal exchange offer from GM before April 30, Penniman wrote in a report issued Monday. "We expect the ownership stake offered to bondholders would be unattractive, maybe in the 20% range," he said. The offer "will fail, as designed, and set the stage for the next round of negotiations with bondholders."
In the meantime, Penniman anticipates that Chrysler will seek bankruptcy protection, ramping up the pressure on bondholders. "GM will hope that Chrysler's filing and the low-ball offer will set a serious and productive tone for the next set of negotiations, (which will) turn towards a pre-packaged bankruptcy. We believe GM could achieve a greater than two-thirds reduction in its unsecured debt in a pre-packaged filing while negotiating significant concessions with the UAW."
Penniman also views discussions of a strategy to spin off the best GM assets into a separate company as an effort to pressure bondholders for a settlement. "We simply do not believe the plan could be implemented quickly enough to avoid significant damage to GM's value," he said. "Claimants including bondholders, the UAW, retirees, suppliers and vendors would all exercise their legal right to voice their arguments and bog down the process."
On a conference call with reporters on Friday, CEO Fritz Henderson acknowledged that so far, talks with bondholders have not moved rapidly. Before those talks could occur in earnest, he said, GM must revise its business plan, as the Obama administration's auto task force has requested: it must also engage in negotiations regarding a debt-for-equity swap with the Voluntary Employee Beneficiary Association retiree health care trust fund, which is administered by the UAW. However, the UAW is currently focused on talks with Chrysler, which has until April 30 to restructure under terms of its federal loan.
Regarding the bondholders, Henderson said: "In order for this deal to come together, we need to bring the bondholders and VEBA along roughly at the same time. The dialogue is ongoing (but) we don't have an agreement. They, like everybody, are (first) going to see what our business plan looks like." Meanwhile, GM said Monday it will lay off 1,600 workers over the next few days.
"These are part of the 3,400 salaried reductions we said we would make this calendar year," said GM spokesman Tom Wilkinson. "We said the bulk of these would be by May 1."
The layoffs were announced in an email to employees from GM North American President Troy Clarke, who said they are needed to ensure the company's long-term viability. "In these unprecedented times, GM is reinventing every aspect of our business, including our organizational size and structure, to create a lean and agile company," Clarke wrote in the email, which was obtained by The Associated Press. Additional reductions are anticipated by June, Henderson indicated on Friday.

http://www.thestreet.com/_yahoo/sto...alyst.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA