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paologorgo · 18-02-2009, 00:25

GM Report

GM, in a 100-plus page report submitted to the U.S. Treasury, argues that bankruptcy would still be more costly and drawn out than a government-funded restructuring. The auto maker said a traditional bankruptcy could cost as much as $100 billion, attributing much of that cost to lost revenue.
Instead, GM proposes an accelerated downsizing that involves cuts deeper than those outlined in December. Steps include shuttering 14 factories by 2012 rather than nine, eliminating 47,000 hourly and salaried jobs this year globally, and closing its Hummer truck brand this year and Saturn in 2011 if no alternatives arise.
GM shares were up 2 cents at $2.20 in recent after-hours trading. The stock was the biggest decliner among Dow Jones Industrial Average components during Tuesday's regular session, falling 13%.
GM's loan request includes $4.6 billion it hopes to draw in March and April. That would bring the loan total to $18 billion, which is the amount GM initially requested in December. Additionally, GM is asking for a $7.5 billion line of credit that could be drawn under a downside scenario and to defer repayment of a $4.5 credit line due in 2011. Combined with the $13.4 billion GM already received, GM's total aid package could total $30 billion.
Under the plan submitted Tuesday, GM says it can break even once U.S. vehicle sales hit a seasonally adjusted rate of 11.5 to 12 million car and truck sales.
The auto maker will seek government aid from other nations and restructure around the globe.
Write to Kathy Shwiff at kathy.shwiff@dowjones.com and Sharon Terlep at sharon.terlep@dowjones.com

http://online.wsj.com/article/SB1234...oo_hs&ru=yahoo

18-02-2009, 00:25	#177 (permalink)
paologorgo Chapter 11 Data registrazione: May 2004 Località: Carpi - MO - Messaggi: 4,129	GM Report GM, in a 100-plus page report submitted to the U.S. Treasury, argues that bankruptcy would still be more costly and drawn out than a government-funded restructuring. The auto maker said a traditional bankruptcy could cost as much as $100 billion, attributing much of that cost to lost revenue. Instead, GM proposes an accelerated downsizing that involves cuts deeper than those outlined in December. Steps include shuttering 14 factories by 2012 rather than nine, eliminating 47,000 hourly and salaried jobs this year globally, and closing its Hummer truck brand this year and Saturn in 2011 if no alternatives arise. GM shares were up 2 cents at $2.20 in recent after-hours trading. The stock was the biggest decliner among Dow Jones Industrial Average components during Tuesday's regular session, falling 13%. GM's loan request includes $4.6 billion it hopes to draw in March and April. That would bring the loan total to $18 billion, which is the amount GM initially requested in December. Additionally, GM is asking for a $7.5 billion line of credit that could be drawn under a downside scenario and to defer repayment of a $4.5 credit line due in 2011. Combined with the $13.4 billion GM already received, GM's total aid package could total $30 billion. Under the plan submitted Tuesday, GM says it can break even once U.S. vehicle sales hit a seasonally adjusted rate of 11.5 to 12 million car and truck sales. The auto maker will seek government aid from other nations and restructure around the globe. Write to Kathy Shwiff at kathy.shwiff@dowjones.com and Sharon Terlep at sharon.terlep@dowjones.com http://online.wsj.com/article/SB1234...oo_hs&ru=yahoo __________________ Amorgos for moderator!