Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA (1 Viewer)
- Creatore Discussione Imark
- Data di Inizio
paologorgo
Chapter 11
può sembrare un po' OT, ma è anche interessante per capire cosa succede nel reparto "fornitori" del settore (assets di $ 50.000 e debiti tra i $10 ed i 50 milioni è un po' impressionante...):
Private US auto supplier group files for liquidation
CHICAGO, Jan 20 (Reuters) - A group of private U.S. auto suppliers has filed for liquidation under the bankruptcy code as the industry continues to suffer from a slump in sales, according to court documents.
Eaton County, Michigan-based Specialty Motors Holding Corp filed for liquidation at the U.S. Bankruptcy Court for the District of Delaware.
The other entities listed in the filing include Von Weise Inc -- which produces small motors for cars and starters for garden tractors, lawn mowers and snow blowers -- Von Weise Gear Co and Auto Specialty Products Inc.
The Chapter 7 court filing lists the group's estimated assets at up to $50,000 with liabilities between $10 million and $50 million and up to 49 creditors.
The U.S. auto industry industry has been hit hard by the slowing U.S. economy and the credit crunch, which has cut off access to car loans for many consumers.
U.S. auto sales dropped 18 percent in 2008, pushing General Motors Corp (GM.N) and Chrysler LLC to the brink of collapse. In December the Bush administration approved $17.4 billion in emergency loans for GM and Chrysler.
But conditions attached to that bailout include automakers proving their long-term viability by March 31, plus obtaining fresh concessions from the United Auto Workers union and from holders of their debt.
Ford Motor Co (F.N)> has not sought federal loans but asked for a $9 billion credit line if economic conditions worsen.
The Detroit Big Three automakers have scaled back their output because of the slump in sales, including halting production over the holidays.
At the Detroit auto show last week, GM Chief Operating Officer Fritz Henderson told reporters that "we should see some pressures in the (auto) supplier community" as the U.S. automakers ramp up production again.
Some suppliers might have difficulty paying for raw materials to meet renewed demand after being idle, he said.
The private suppliers' case is In re: Specialty Motors Holding Corp, U.S. Bankruptcy Court for the District of Delaware. Case No. 09-10183.
Private US auto supplier group files for liquidation
CHICAGO, Jan 20 (Reuters) - A group of private U.S. auto suppliers has filed for liquidation under the bankruptcy code as the industry continues to suffer from a slump in sales, according to court documents.
Eaton County, Michigan-based Specialty Motors Holding Corp filed for liquidation at the U.S. Bankruptcy Court for the District of Delaware.
The other entities listed in the filing include Von Weise Inc -- which produces small motors for cars and starters for garden tractors, lawn mowers and snow blowers -- Von Weise Gear Co and Auto Specialty Products Inc.
The Chapter 7 court filing lists the group's estimated assets at up to $50,000 with liabilities between $10 million and $50 million and up to 49 creditors.
The U.S. auto industry industry has been hit hard by the slowing U.S. economy and the credit crunch, which has cut off access to car loans for many consumers.
U.S. auto sales dropped 18 percent in 2008, pushing General Motors Corp (GM.N) and Chrysler LLC to the brink of collapse. In December the Bush administration approved $17.4 billion in emergency loans for GM and Chrysler.
But conditions attached to that bailout include automakers proving their long-term viability by March 31, plus obtaining fresh concessions from the United Auto Workers union and from holders of their debt.
Ford Motor Co (F.N)> has not sought federal loans but asked for a $9 billion credit line if economic conditions worsen.
The Detroit Big Three automakers have scaled back their output because of the slump in sales, including halting production over the holidays.
At the Detroit auto show last week, GM Chief Operating Officer Fritz Henderson told reporters that "we should see some pressures in the (auto) supplier community" as the U.S. automakers ramp up production again.
Some suppliers might have difficulty paying for raw materials to meet renewed demand after being idle, he said.
The private suppliers' case is In re: Specialty Motors Holding Corp, U.S. Bankruptcy Court for the District of Delaware. Case No. 09-10183.
yellow
Forumer attivo
pofferbacco, questi hanno lavorato con una leva tra 200 e 1000 volte il capitale !
Researcher
Stop Loss? No, Thanks!!!
Ricordate che qualche anno fa GM voleva comprarsi Fiat?
Per curiosità, ora Chrysler capitalizza più o meno del miliardo e mezzo che Fiat incassò alla rescissione del contratto?
Non capitalizza: Chrysler è privately-held....però vale poco, nulla....meno di un billion....considerando quanto valgono Ford e GM
paologorgo
Chapter 11
GM expects delayed U.S. funds to avoid cash crisis
DETROIT (Reuters) - General Motors Corp (NYSE:GM - News) Chief Operating Officer Fritz Henderson said the automaker expected to receive a delayed U.S. government loan payment in the next several days that it needs to avoid running out of cash.
Separately, Henderson said GM had been in touch with the Swedish government and potential investors for Saab as it looks to sell that brand to raise cash.
"We've talked to investors and we'll see where it leads," Henderson said at the Automotive News World Congress in Detroit on Tuesday.
GM received an initial $4 billion in emergency funding from the U.S. Treasury on December 31 and had expected to receive its next $5.4-billion payment from the government last Friday.
That payment was delayed, Henderson said, because the automaker was pressed to submit additional information and because Treasury officials were busy with other funding requests and the change in administration in Washington.
"If we don't get the second installment of our funding, we'll run out of cash. It's that simple," Henderson said.
GM expected to receive its next $5.4 billion payout in the next several days, he added that. But without the funding, GM would run out of cash "well before March 31," Henderson said.
Henderson said GM had ruled out a voluntary bankruptcy filing because of the risks that it presents to sales, but could be forced into bankruptcy in a hypothetical case if the U.S. government were to withdraw its pledged financial support.
"Much has been written about how simple (bankruptcy) would be. I can only tell you how devastating the risks are to the business, which is why in the end we think it is a truly terrible strategy -- but it can happen," Henderson said.
"We're doing contingency planning in the event that something bad happens, and we have to deal with that, but it's not a great environment to be in," he said.
The U.S. government has pledged to loan $13.4 billion to GM for three years provided that it demonstrates that it has a plan to pay back the loans and become viable. Under the program, GM faces a February 17 deadline to show its progress.
The U.S. government bailout requires GM to seek deep concessions from bondholders and the United Auto Workers union in order to cut both its debt and hourly wage costs.
Henderson said GM had been in contact with the UAW and bondholders but was focused first on updating its own restructuring plan based on expectations for weaker auto sales in 2009.
"A hundred and forty percent of our effort is focused on getting that done this month," he told reporters.
Last week, the automaker cut its forecast for 2009 U.S. auto sales, saying it expected sales to drop to their lowest level in 27 years at 10.5 million vehicles.
January auto sales, Henderson said, had been "pretty weak" to date in keeping with the depressed trend of late 2008.
GM's bondholders and the company have both hired advisers on how to complete a debt-to-equity exchange that the automaker expects will reduce its unsecured U.S. debt to $9 billion from nearly $28 billion.
The company also plans to halve the $20 billion it has promised to a health care trust fund affiliated with the UAW by offering equity instead of cash.
Henderson said GM could reach a broad agreement on contract changes with the UAW by February 17 but that union acceptance of the deal would depend on the concessions other creditors were prepared to make.
Henderson conceded GM may have missed warning signs that the slump that began in the U.S. auto market in 2008 would cascade to emerging markets, which had previously provided a buffer to the automaker.
"We clung too long to the idea that we had two economies, and it was just an American problem," Henderson said.
(Editing by Lincoln Feast)
DETROIT (Reuters) - General Motors Corp (NYSE:GM - News) Chief Operating Officer Fritz Henderson said the automaker expected to receive a delayed U.S. government loan payment in the next several days that it needs to avoid running out of cash.
Separately, Henderson said GM had been in touch with the Swedish government and potential investors for Saab as it looks to sell that brand to raise cash.
"We've talked to investors and we'll see where it leads," Henderson said at the Automotive News World Congress in Detroit on Tuesday.
GM received an initial $4 billion in emergency funding from the U.S. Treasury on December 31 and had expected to receive its next $5.4-billion payment from the government last Friday.
That payment was delayed, Henderson said, because the automaker was pressed to submit additional information and because Treasury officials were busy with other funding requests and the change in administration in Washington.
"If we don't get the second installment of our funding, we'll run out of cash. It's that simple," Henderson said.
GM expected to receive its next $5.4 billion payout in the next several days, he added that. But without the funding, GM would run out of cash "well before March 31," Henderson said.
Henderson said GM had ruled out a voluntary bankruptcy filing because of the risks that it presents to sales, but could be forced into bankruptcy in a hypothetical case if the U.S. government were to withdraw its pledged financial support.
"Much has been written about how simple (bankruptcy) would be. I can only tell you how devastating the risks are to the business, which is why in the end we think it is a truly terrible strategy -- but it can happen," Henderson said.
"We're doing contingency planning in the event that something bad happens, and we have to deal with that, but it's not a great environment to be in," he said.
The U.S. government has pledged to loan $13.4 billion to GM for three years provided that it demonstrates that it has a plan to pay back the loans and become viable. Under the program, GM faces a February 17 deadline to show its progress.
The U.S. government bailout requires GM to seek deep concessions from bondholders and the United Auto Workers union in order to cut both its debt and hourly wage costs.
Henderson said GM had been in contact with the UAW and bondholders but was focused first on updating its own restructuring plan based on expectations for weaker auto sales in 2009.
"A hundred and forty percent of our effort is focused on getting that done this month," he told reporters.
Last week, the automaker cut its forecast for 2009 U.S. auto sales, saying it expected sales to drop to their lowest level in 27 years at 10.5 million vehicles.
January auto sales, Henderson said, had been "pretty weak" to date in keeping with the depressed trend of late 2008.
GM's bondholders and the company have both hired advisers on how to complete a debt-to-equity exchange that the automaker expects will reduce its unsecured U.S. debt to $9 billion from nearly $28 billion.
The company also plans to halve the $20 billion it has promised to a health care trust fund affiliated with the UAW by offering equity instead of cash.
Henderson said GM could reach a broad agreement on contract changes with the UAW by February 17 but that union acceptance of the deal would depend on the concessions other creditors were prepared to make.
Henderson conceded GM may have missed warning signs that the slump that began in the U.S. auto market in 2008 would cascade to emerging markets, which had previously provided a buffer to the automaker.
"We clung too long to the idea that we had two economies, and it was just an American problem," Henderson said.
(Editing by Lincoln Feast)
paologorgo
Chapter 11
GM Executive Warns of Dangers Ahead
DETROIT -- General Motors Corp.'s path to recovery is fraught with uncertainty and potential pitfalls that could force more painful restructuring in the years to come, Chief Operating Officer Fritz Henderson said on Tuesday.
The industry already appears off to a tough start in 2009. Henderson said January auto sales are shaping up no better than last month, when GM's sales fell 31%.
The U.S. housing market that began the auto industry's downward spiral will likely continue to get worse before it improves, Mr. Henderson said. Meantime, cheap oil prices may stick around even as federal regulations force auto makers to bring more fuel-efficient vehicles to market, impairing the companies" ability to sell smaller vehicles they're required to build.
"The situation can always get worse," Mr. Henderson said, speaking at the Automotive News World Congress in Detroit. "We need to accept responsibility for radical actions to address events that are outside our control."
Despite the foreboding tone, Henderson reiterated his confidence that GM's recovery plan, presented to the U.S. government as a condition of winning up to $13.4 billion in federal loans. He said GM's decision to ask for money to avoid a bankruptcy was a "sad day" for the company.
"The happiest day of my career will be the day we repay the loan," he said.
GM is awaiting a second installment of the loans approved in December. The auto maker was expecting a $5.4 billion infusion on Jan. 16.
Mr. Henderson said the auto maker is working with U.S. Treasury to process the loans and expects to receive the cash soon, which the auto company requires to fund its operations.
"What happens if we don't get the draw? We run out of money," he said.
Mr. Henderson said oil prices will remain depressed in the near term but will return to $130 to $160 a barrel in the next five years. GM and other auto makers will be challenged to sell fuel-efficient small cars and vehicles powered by alternative technologies while gas prices remain low, he said.
Mr. Henderson described a meltdown of global auto markets today in last year's fourth quarter that took GM by surprise.
Rising unemployment and a credit crunch in the U.S. combined with an economic slump that spread around, slamming the auto maker on all fronts, he said.
"We didn't necessarily see this freight train coming," Mr. Henderson said. "2008 almost killed us."
Mr. Henderson said GM is still in preliminary talks with bond holders over reducing its debt load and with the United Auto Workers over labor cost reductions, both of which are key requirements of the federal loans. More substantial tallks will begin after GM updates the restructuring pllan it presented in December.
The depth of GM's troubles at the end of the year will be clearer when GM releases its fourth-quarter financial results, expected within the next few weeks.
Mr. Henderson declined to weigh in on the announcement of a deal between Chrysler and Fiat S.p.A. to establish a global alliance.
"I am confident they will negotiate something that is quite creative and quite clever," he said.
Write to Sharon Terlep at [email protected]
DETROIT -- General Motors Corp.'s path to recovery is fraught with uncertainty and potential pitfalls that could force more painful restructuring in the years to come, Chief Operating Officer Fritz Henderson said on Tuesday.
The industry already appears off to a tough start in 2009. Henderson said January auto sales are shaping up no better than last month, when GM's sales fell 31%.
The U.S. housing market that began the auto industry's downward spiral will likely continue to get worse before it improves, Mr. Henderson said. Meantime, cheap oil prices may stick around even as federal regulations force auto makers to bring more fuel-efficient vehicles to market, impairing the companies" ability to sell smaller vehicles they're required to build.
"The situation can always get worse," Mr. Henderson said, speaking at the Automotive News World Congress in Detroit. "We need to accept responsibility for radical actions to address events that are outside our control."
Despite the foreboding tone, Henderson reiterated his confidence that GM's recovery plan, presented to the U.S. government as a condition of winning up to $13.4 billion in federal loans. He said GM's decision to ask for money to avoid a bankruptcy was a "sad day" for the company.
"The happiest day of my career will be the day we repay the loan," he said.
GM is awaiting a second installment of the loans approved in December. The auto maker was expecting a $5.4 billion infusion on Jan. 16.
Mr. Henderson said the auto maker is working with U.S. Treasury to process the loans and expects to receive the cash soon, which the auto company requires to fund its operations.
"What happens if we don't get the draw? We run out of money," he said.
Mr. Henderson said oil prices will remain depressed in the near term but will return to $130 to $160 a barrel in the next five years. GM and other auto makers will be challenged to sell fuel-efficient small cars and vehicles powered by alternative technologies while gas prices remain low, he said.
Mr. Henderson described a meltdown of global auto markets today in last year's fourth quarter that took GM by surprise.
Rising unemployment and a credit crunch in the U.S. combined with an economic slump that spread around, slamming the auto maker on all fronts, he said.
"We didn't necessarily see this freight train coming," Mr. Henderson said. "2008 almost killed us."
Mr. Henderson said GM is still in preliminary talks with bond holders over reducing its debt load and with the United Auto Workers over labor cost reductions, both of which are key requirements of the federal loans. More substantial tallks will begin after GM updates the restructuring pllan it presented in December.
The depth of GM's troubles at the end of the year will be clearer when GM releases its fourth-quarter financial results, expected within the next few weeks.
Mr. Henderson declined to weigh in on the announcement of a deal between Chrysler and Fiat S.p.A. to establish a global alliance.
"I am confident they will negotiate something that is quite creative and quite clever," he said.
Write to Sharon Terlep at [email protected]
paologorgo
Chapter 11
rigiocano all'hold out?!? 
Pimco Quits GM Bondholder Group After Reneging on GMAC Deal
By Caroline Salas and Kathleen Hays
Jan. 21 (Bloomberg) -- Pacific Investment Management Co., manager of the world’s biggest bond fund, resigned from an investor committee negotiating with General Motors Corp. to exchange debt for shares.
The decision by Pimco comes about a month after it reneged on a Dec. 15 agreement to join bondholders in GMAC LLC’s $38 billion debt swap. The 10-member GM bondholder committee overlaps with the GMAC group, including San Mateo, California- based Franklin Resources Inc. and Fidelity Investments of Boston, said a person with knowledge of the situation who declined to be identified because the members haven’t been publicly announced.
“We’re just not good committee members,” Bill Gross, Pimco’s co-chief investment officer, said in an interview yesterday from his Newport Beach, California-based office. “We have the interests of our clients more at heart than the interests of particular corporations or even the government, I guess, so it’s best that we simply look at the situation from afar as opposed to from inside.”
The withdrawal means Pimco may gain less information from other investors or have a smaller say in talks with Detroit- based GM, which needs to cut two-thirds of its $27.5 billion in unsecured public debt. GM is negotiating with the committee of creditors as part of a government bailout of the biggest U.S. carmaker.
...
“The advantage of being on a committee is you can help guide the firm and have an active voice in the firm’s future,” Egan said. The disadvantage is holders on the committee may have trading restrictions imposed if they gain access to insider information, he said.
Pimco is among the biggest holders of GM bonds, behind Franklin, Capital Research & Management Co. and Fidelity, Bloomberg data show. Pimco owns more than $138 million of the debt, according to Bloomberg data based on regulatory filings in September. Its largest holding is 39 million euros ($50 million) of GM’s 1.5 billion euros of 8.375 percent bonds due in 2033, according to Bloomberg data.
Pimco Quits GM Bondholder Group After Reneging on GMAC Deal
By Caroline Salas and Kathleen Hays
Jan. 21 (Bloomberg) -- Pacific Investment Management Co., manager of the world’s biggest bond fund, resigned from an investor committee negotiating with General Motors Corp. to exchange debt for shares.
The decision by Pimco comes about a month after it reneged on a Dec. 15 agreement to join bondholders in GMAC LLC’s $38 billion debt swap. The 10-member GM bondholder committee overlaps with the GMAC group, including San Mateo, California- based Franklin Resources Inc. and Fidelity Investments of Boston, said a person with knowledge of the situation who declined to be identified because the members haven’t been publicly announced.
“We’re just not good committee members,” Bill Gross, Pimco’s co-chief investment officer, said in an interview yesterday from his Newport Beach, California-based office. “We have the interests of our clients more at heart than the interests of particular corporations or even the government, I guess, so it’s best that we simply look at the situation from afar as opposed to from inside.”
The withdrawal means Pimco may gain less information from other investors or have a smaller say in talks with Detroit- based GM, which needs to cut two-thirds of its $27.5 billion in unsecured public debt. GM is negotiating with the committee of creditors as part of a government bailout of the biggest U.S. carmaker.
...
“The advantage of being on a committee is you can help guide the firm and have an active voice in the firm’s future,” Egan said. The disadvantage is holders on the committee may have trading restrictions imposed if they gain access to insider information, he said.
Pimco is among the biggest holders of GM bonds, behind Franklin, Capital Research & Management Co. and Fidelity, Bloomberg data show. Pimco owns more than $138 million of the debt, according to Bloomberg data based on regulatory filings in September. Its largest holding is 39 million euros ($50 million) of GM’s 1.5 billion euros of 8.375 percent bonds due in 2033, according to Bloomberg data.
frankiemachine
Mr. Tentenna
che sarebbe scusa?
paologorgo
Chapter 11
non so se sono la persona più adatta a spiegarlo, ci provo e poi magari Mark o altri mi correggono.
Pimco non aveva aderito alla rinegoziazione dei bond GMAC.
In teoria, se le rinegoziazioni (accettazione di ridurre il valore del proprio credito, in soldoni, da parte dell'obbligazionista...) non raggiungono una percentuale-obbiettivo, il rischio è che fallisca, e le conseguenze sono spesso negative (fallimento, etc.).
Se la percentuale viene raggiunta, però, quelli che non hanno aderito (hold out), sembrano i vincitori del braccio di ferro [non hanno ridotto il loro credito, sempre approssimando e grossolanamente (ci sono aspetti teorici sulla potenziale subordinazione che non affrontiamo adesso)].
La scommessa/rischio di Pimco è stata che il Governo sarebbe comuqnue intervenuto, altrimenti sarebbe anche andata fallita GM, insieme a GMAC, e non poteva avvenire, visto che GM era stata appena prima oggetto di aiuti statali. Hanno intuito che quindi avrebbe "vinto" chi si asteneva dal negoziare. Azzardo vincente, bravi.
Adesso chissà cosa vogliono fare. Ripensandoci, forse gli interessa di più avere mani libere (se sei parte del comitato che negozia il taglio, non puoi ovviamente vendere le tue obbligazioni, fa parte del NDA che firmi per sederti al tavolo...). Vogliono mani libere per lasciare la nave, se è il caso? Vedremo... è un'altra ipotesi...
