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

[ricpast]

Offers to holders in the United Kingdom, Austria, Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Spain and. Switzerland will be made only following the approval of a separate prospectus approved by the United Kingdom Listing Authority as competent authority under EU Directive 2003/71/EC, which will indicate on the front cover thereof that it can be used for such offers. Outside of these jurisdictions (and the United States) only non U.S. qualified offerees are authorized to participate in the exchange offers and consent solicitations. If you are outside of the above jurisdictions (and the United States and Canada), you are only authorized to receive the EU Approved Prospectus. If you are in Canada you are only authorized to receive and review a separate Canadian offering memorandum prepared in accordance with applicable Canadian securities laws. The exchange offers in Italy are subject to clearance by CONSOB pursuant to Article 102 onwards of Legislative Decree No. 58 of February 24, 1998. Therefore, the exchange offer period in Italy will only commence following such clearance.

http://media.gm.com/servlet/Gateway.../viewpressreldetail.do?domain=827&docid=53944

 

[paologorgo]

ricopio un paio di cose interessanti dal filing...

The aggregate number of shares of common stock to be issued will depend in part on the exchange rates of Euro and pounds sterling to U.S. dollars in effect on the business day prior to the expiration date of the exchange offers.

Bankruptcy Relief
In the event that we do not receive prior to June 1, 2009 enough tenders of existing GM notes to consummate the exchange offers, we currently expect to seek relief under the U.S. Bankruptcy Code. This relief may include (i) seeking bankruptcy court approval for the sale of most or substantially all of our assets pursuant to section 363(b) of the U.S. Bankruptcy Code to a new operating company, and a subsequent liquidation of the remaining assets in the bankruptcy case; (ii) pursuing a plan of reorganization (where votes for the plan are solicited from certain classes of creditors prior to a bankruptcy filing) that we would seek to confirm (or “cram down”) despite the deemed rejection of the plan by noteholders; or (iii) seeking another form of bankruptcy relief, all of which involve uncertainties, potential delays and litigation risks. We are considering these alternatives in consultation with the U.S. Department of the Treasury, our largest lender.
If we seek bankruptcy relief, you may receive consideration that is less than what is being offered in the exchange offers and it is possible that you may receive no consideration at all for your GM notes.

Deadline for Participating
THE DEADLINE FOR PARTICIPATING IN THE EXCHANGE OFFERS IS TUESDAY, MAY 26, 2009. In order to allow sufficient time for processing, you must contact your broker, dealer, bank, trust company or other nominee significantly in advance of that date and request them to tender your GM notes in the exchange offers.
We have determined that our internal controls over financial reporting are currently not effective. The lack of effective internal controls could materially adversely affect our financial condition and ability to carry out our Viability Plan.
As discussed in Item 9A, “Controls and Procedures,” in our annual report in Form 10-K for the year ended December 31, 2008, which is incorporated by reference herein, our management team for financial reporting, under the supervision and with the participation of our chief executive officer and our chief financial officer, conducted an evaluation of the effectiveness of the design and operation of our internal controls. As of December 31, 2008, they concluded that our disclosure controls and procedures and our internal control over financial reporting were not effective. Until we are successful in our effort to remediate the material weakness in our internal control over financial reporting, it may materially adversely affect our ability to report accurately our financial condition and results of operations in the future in a timely and reliable manner. In addition, although we continually review and evaluate our internal control systems to allow management to report on the sufficiency of our internal controls, we cannot assure you that we will not discover additional weaknesses in our internal controls over financial reporting. Any such additional weakness or failure to remediate existing weakness could adversely affect our financial condition or ability to comply with applicable legal requirements of our Viability Plan.

 

[paologorgo]

GM (GM) is out with its latest Viability Plan, including a phase-out of Pontiac by 2010 (another reminder that 'just because it's speculation doesn't mean it isn't true'!). Included in GM's latest reinvention is an offer to its $27B bondholders to exchange 225 shares of GM for each $1,000 in debt. GM +10% premarket.

 

[Imark]

ricopio un paio di cose interessanti dal filing...

The aggregate number of shares of common stock to be issued will depend in part on the exchange rates of Euro and pounds sterling to U.S. dollars in effect on the business day prior to the expiration date of the exchange offers.

Bankruptcy Relief
In the event that we do not receive prior to June 1, 2009 enough tenders of existing GM notes to consummate the exchange offers, we currently expect to seek relief under the U.S. Bankruptcy Code. This relief may include (i) seeking bankruptcy court approval for the sale of most or substantially all of our assets pursuant to section 363(b) of the U.S. Bankruptcy Code to a new operating company, and a subsequent liquidation of the remaining assets in the bankruptcy case; (ii) pursuing a plan of reorganization (where votes for the plan are solicited from certain classes of creditors prior to a bankruptcy filing) that we would seek to confirm (or “cram down”) despite the deemed rejection of the plan by noteholders; or (iii) seeking another form of bankruptcy relief, all of which involve uncertainties, potential delays and litigation risks. We are considering these alternatives in consultation with the U.S. Department of the Treasury, our largest lender.
If we seek bankruptcy relief, you may receive consideration that is less than what is being offered in the exchange offers and it is possible that you may receive no consideration at all for your GM notes.

Deadline for Participating
THE DEADLINE FOR PARTICIPATING IN THE EXCHANGE OFFERS IS TUESDAY, MAY 26, 2009. In order to allow sufficient time for processing, you must contact your broker, dealer, bank, trust company or other nominee significantly in advance of that date and request them to tender your GM notes in the exchange offers.
We have determined that our internal controls over financial reporting are currently not effective. The lack of effective internal controls could materially adversely affect our financial condition and ability to carry out our Viability Plan.
As discussed in Item 9A, “Controls and Procedures,” in our annual report in Form 10-K for the year ended December 31, 2008, which is incorporated by reference herein, our management team for financial reporting, under the supervision and with the participation of our chief executive officer and our chief financial officer, conducted an evaluation of the effectiveness of the design and operation of our internal controls. As of December 31, 2008, they concluded that our disclosure controls and procedures and our internal control over financial reporting were not effective. Until we are successful in our effort to remediate the material weakness in our internal control over financial reporting, it may materially adversely affect our ability to report accurately our financial condition and results of operations in the future in a timely and reliable manner. In addition, although we continually review and evaluate our internal control systems to allow management to report on the sufficiency of our internal controls, we cannot assure you that we will not discover additional weaknesses in our internal controls over financial reporting. Any such additional weakness or failure to remediate existing weakness could adversely affect our financial condition or ability to comply with applicable legal requirements of our Viability Plan.

Stavo leggendo anch'io... che i bondholders non contassero niente era già stato detto in molte maniere ... ora anche per tramite dell'offerta ...

Il fatto che si raggiunga una percentuale di adesioni così alta mi sembra oggettivamente difficile, anche se forse si accontenterebbero di qualcosina di meno...

Secondo me, il default resta in ogni caso l'ipotesi più probabile.

 

[paologorgo]

l'incubo potrebbe continuare anche dopo il 1 Giugno:

This Tender Offer Statement on Schedule TO relates to exchange offers by General Motors Corporation, a Delaware corporation (referred to herein as “GM,” “we,” “us” or “our”), with respect to its 4.50% Series A Convertible Subordinated Debentures due March 6, 2032, 5.25% Series B Convertible Subordinated Debentures due March 6, 2032, 6.25% Series C Convertible Subordinated Debentures due July 15, 2033 and 1.50% Series D Convertible Senior Debentures due June 1, 2009 (collectively, the “convertible old notes”), and related solicitations of consents for certain proposed amendments to the terms of the convertible old notes, including a solicitation for consents to a forbearance, waiver and extension with respect to GM’s 1.50% Series D Convertible Senior Debentures due June 1, 2009 (the “old Series D notes”). The solicitation for consents to a forbearance, waiver and extension with respect to the old Series D notes is also an exchange offer in which we are offering to exchange amended Series D notes for the old Series D notes (collectively, with the exchange offers for the convertible old notes and related solicitations, the “Exchange Offers”). The Exchange Offers are being made upon the terms and subject to the conditions set forth in the prospectus, which forms part of the registration statement on Form S-4 filed by GM with the Securities and Exchange Commission on the date hereof with respect to Exchange Offers, as it may be amended and/or supplemented from time to time (the “Registration Statement”), and the related letter of transmittal, which are exhibits (a)(1)(i) and (a)(1)(ii) hereto, respectively. The consideration GM is offering in the Exchange Offers is described in the Registration Statement.

 

[yellow]

Dear GM Noteholder:
GM has developed a restructuring plan that we believe offers the best path for the future success of our company. As a key component of this plan, we are making an offer to you to exchange GM notes you own today for GM common stock.
We are soliciting your support for our exchange offers, which will allow GM to restructure out of bankruptcy court. The exchange offers are described in detail in the enclosed prospectus, which we encourage you to read fully.
The Exchange Offers
We are offering to issue 225 shares of GM common stock for each $1,000 principal amount of GM notes that you own and to pay to you in cash for all accrued but unpaid interest on your GM notes to the settlement date of the exchange offers.
We believe there are advantages to restructuring GM out of court through the exchange offers. We believe that the successful consummation of the exchange offers would, among other things:


•

enable us to continue operating our business without the negative impact that a bankruptcy could have on our relationships with our customers, employees, suppliers, dealers and others; ​

•

reduce the risk of a potentially precipitous decline in our revenues in a bankruptcy; and ​

•

allow us to complete our restructuring in less time and with less risk than any bankruptcy alternatives. ​

FOR THE EXCHANGE OFFERS TO BE SUCCESSFUL, WE NEED TO SATISFY SEVERAL CONDITIONS INCLUDING RECEIVING THE APPROVAL OF THE U.S. DEPARTMENT OF THE TREASURY, WHICH WE BELIEVE WILL REQUIRE, AMONG OTHER THINGS, TENDERS FROM APPROXIMATELY 90% OF THE OUTSTANDING GM NOTES ACROSS ALL SERIES.

27.04.09 14:45 - Gm: lancia offerta swap debito e anticipa dettagli riassetto
DETROIT (MF-DJ)--General Motors ha presentato alle Autorita' statunitensi la sua offerta di swap debito/azioni.

Agli obbligazioni della casa automobilistica vengono offerte 225 azioni per ogni 1.000 dollari di debito in loro possesso.

Il successo dell'operazione, spiega la stessa General Motors, decidera' le sorti della casa automobilistica:

qualora l'offerta non dovesse essere accettata da almeno il 90% degli obbligazionisti, il gruppo sara' infatti costretto a procedere ad una bancarotta.

Se al contrario avra' successo, General Motors emettera' 6,1 miliardi di nuove azioni e gli obbligazionisti finiranno per detenere il 10% circa del capitale azionario della societa'.

L'offerta - il cui valore complessivo e' stimato sui 17,2 miliardi di dollari - sara' valida fino al 26 maggio del 2009.


General Motors ha inoltre presentato i primi dettagli del suo piano di viabilita'.

Il gruppo ha confermato che intende dismettere gradualmente la produzione del marchio Pontiac ed ha fatto sapere che negli Stati Uniti si concentrera' sui brand Chevrolet, Cadillac, Buick e Gmc.

La decisione sulle sorti dei marchi Saab, Saturn e Hummer sara' invece presa alla fine del 2009.

Inoltre, la casa automobilistica continuera' a ridurre drasticamente i costi;
una manovra che verra' effettuata principalmente attraverso una drastica riduzione del numero di concessionari statunitensi.

Alla fine del 2010, il numero di concessionari dovrebbe infatti risultare ridotto di circa il 42%.


Allo stesso tempo, Gm continuera' a ridurre la produzione ed a chiudere un maggior numero di impianti.

Sono previsti anche ulteriori licenziamenti, per un totale di 21.000 posti di lavoro.

L'obiettivo e' quello di ridurre i costi strutturali del 25%, ovvero di 23,2 miliardi di dollari,
entro il 2010 e di ridurre il debito di 44 miliardi di dollari.

La societa' prevede di mantenere una quota di mercato del 19,5% nel 2009,
per poi scendere tra il 18,4-18,9% negli anni successivi.

Gm stima inoltre di continuare ad investire nello sviluppo di nuovi prodotti e tecnologie e per il 2009 ha fissato un budget di 4,5 miliardi di dollari.

Tra il 2010 ed il 2014 investira' invece tra i 5,3 ed i 6,7 miliardi di dollari.

 

[Imark]

Insomma, gli danno la quota di rateo maturata più un po' di carta di dubbio valore (l'unica cosa probabile è che varrà decisamente poco quando potranno venderla gli ex obbligazionisti, sempre ammesso che la cosa passi)...

Alla fine, se passa, avranno fatto un buon affare quelli che hanno comprato sotto il valore del prorata negli ultimissimi giorni, tutti gli altri il mitico cippino (o talvolta il cippone) l'avranno preso dove non batte il sole...

A meno di non fare holdout e sperare che la cosa funzioni ...

 

[stordits]

va' in porto perche'

oggi ti puoi comrpare la 2033 a 10 + rateo (che poi ti viene restituito)

dunque con 10.000 eur ne compri 100.000 nom

che ti danno diritto a 29250 azioni (dollaro a 1,30)

dunque con 10.000 euro (13.000 dollari ) ti sei comprato 29250 azioni

gm prezzo di carico 0.44 usd

qualche hedge fund compra bond e poi li consegna

e forse me la dovrei comprare anch'io

lascio ai miei figli un po' di azioni gm carico 0,44

 

[stordits]

oppure..... mi compro la 2033 e me la dimentico

nel cassetto.

se sono uno dei pochi a non aderire rischio di fare un pacco di soldi.................

a mio modesto avviso questa operazione e' gia chiusa.
alcuni hedge fund hanno gia' in mano i titoli obbligazionari e si sono shortati con qualche sintetico il titolo azionario lockando un buon profitto

amen

 

[Imark]

nel cassetto.

se sono uno dei pochi a non aderire rischio di fare un pacco di soldi.................

a mio modesto avviso questa operazione e' gia chiusa.
alcuni hedge fund hanno gia' in mano i titoli obbligazionari e si sono shortati con qualche sintetico il titolo azionario lockando un buon profitto

amen

Questa già mi torna di più.... vedremo tuttavia se ne hanno da consegnare abbastanza da chiudere la cosa ... occorre che ne siano consegnati davvero molti (o almeno, così chiede chi ha fatto l'offerta)...

PS: tenerle nel cassetto, l'ho detto anch'io... se fai holdout e la cosa fila, allora festeggi, ma sul piano probabilistico, non è detto che sia una passeggiata di salute...