GENERAL MOTORS: bancarotta pilotata

Il fallimento di General Motors è stato più volte preso in considerazione. E finalmente la situazione ha trovato un punto di svolta. Chapter 11.

1 giugno 2009, ore 10:55
10 Commenti »

gm-default

La telenovela è ormai giunta al termine. Come volevasi dimostrare (buttate un occhio ai post su General Motors scritti nei giorni scorsi) è arrivata la nazionalizzazione.

Gm farà ricorso al e la bancarotta durerà 60-90 giorni.

A dare la benedizione finale sono stati proprio gli obbligazionisti, coloro che avevano rifiutato il primo concambio. Più della metà degli obbligazionisti creditori dell’azienda di Detroit ha deciso di condonare i propri titoli, in cambio del 10% del capitale azionario della nuova GM che verrà fuori dalla ristrutturazione.
In questo modo parte la cosiddetta “bancarotta pilotata”, una procedura che passa tramite il Chapter 11 per poi uscirne rinnovata, ridimensionata e fondamentalmente più sana.
Oggi l’AD di GM racconterà tutto ai giornali, nei minimi dettagli. Al momento la procedura non è ancora stata ufficializzata, ma è una questione di ore. Come è una questio ne i ore un possibile intervento del Presidente USA Obama che spiegherà i motivi dell’intervento statale.
Si, avete capito bene, intervento statale perché come prevedevamo, la finirà nazionalizzata.

GM Nazionalizzata: Stato al 72.5%

Lo Stato USA dovrebbe concedere nuovi aiuti per 50 miliardi di dollari in cambio del 72.5% del capitale di GM. I sindacati avranno il 17.5 % mentre gli obbligazionisti avranno il 10%.
Qui si apre una parentesi. Sarà sufficiente il raggiungimento dell’accordo preso con il 54% degli obbligazionisti?Se ben ricordate, si richiedeva l’adesione di almeno il 90% degli aventi diritto. Qui si tratta del solo 54%.
Con questa adesione il debito di GM scenderebbe di 14.6 miliardi rispetto ai 27 miliardi del suo debito totale.
I dettagli li avremo nelle prossime ore. Una cosa però pare certa.
Una delle vicende più complesse e difficili da digerire sta per trovare una sua soluzione. E’ presto per fare le valutazioni, ma senza dubbio il di avrà per forza di cose delel conseguenze.
Quanto il mercato stava già scontando? Quanto invece il mercato ancora non considerava.
Ho la vaga impressione che la telenovela non sia ancora finita…

STAY TUNED!

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Posts correlati
  1. 1
    		 valerioplus
    1 giugno 2009 alle 11:01

    DT: quindi tutta quella valanga ipotizzata sui cds Aig ecc. è un pericolo sventato…?

  2. 2
    		 valerioplus
    1 giugno 2009 alle 11:32

    Per Faust: se sei in zona, tempo fa il tuo sistema aveva detto short. Dopo i recenti rialzi, quello odierno incluso sei sempre dello stesso parere?

  3. 3
    		 valerioplus
    1 giugno 2009 alle 11:33

    Per DT: c’è verso di contribuire senza usare la carta di credito?

  4. 3- il piccione viaggiatore !!!!!!!!!! :mrgreen: :mrgreen: :mrgreen:

  5. 4 – potrebbe essere un’idea.
    PAYFLY! :-)

  6. non hai un cc su cui fare un bonifico?

  7. 6 – sentiamoci via email… ;-)

  8. GM Bankruptcy to Bring Taxpayer Ownership, Less Debt (Update1)
    2009-06-01 03:22:30.984 GMT

    (Adds administration comment in ninth paragraph.)

    By John Hughes, Caroline Salas and Jeff Green
    June 1 (Bloomberg) — General Motors Corp., the world’s
    largest automaker for 77 years, will file for bankruptcy today,
    and emerge with majority ownership by taxpayers and liabilities
    reduced by more than 50 percent, the U.S. government said.
    The “new GM” will get $30.1 billion in bankruptcy
    financing from the government, and the Treasury “does not
    anticipate providing any additional assistance” after that, the
    Obama administration said yesterday in a statement. The federal
    government will have a 60 percent equity stake in the retooled
    automaker, and 12 percent will be held by the Canadian
    government, which is lending $9.5 billion to the company.
    The filing, which GM executives said last year wouldn’t
    happen, marks the plunge of a company that once made more than
    half the cars bought in the U.S. The Detroit-based automaker
    became burdened by higher costs than competitors and a reliance
    on fuel-guzzling light trucks as gasoline prices rose. GM has
    been battered by almost $88 billion of losses since 2004.
    “GM going through bankruptcy is a very positive thing for
    the auto industry: They should emerge as a reasonable
    competitor,” said Len Blum, managing director at investment-
    banking firm Westwood Capital LLC in New York. “The only thing
    that’s been holding GM back is labor contracts and relationships
    with debtors and franchisees. All that should be cleansed in a
    bankruptcy.”
    GM intends to close 11 factories and idle an additional
    three, while attempting to reopen one idled facility to build a
    new small car, the administration said, without estimating how
    many jobs would be eliminated. The automaker has said it aims to
    reduce its U.S. hourly workforce to about 40,000 next year from
    61,000 at the end of last year.

    ‘Reluctant’ U.S. Owner

    The government is “a reluctant equity owner” that “will
    protect the taxpayers’ investment by managing its ownership
    stake in a hands-off commercial manner,” the Obama
    administration said yesterday in a “statement of principles”
    for its management of private firms.
    President Barack Obama’s administration finds itself in
    control of an icon of American industry after rejecting a
    recovery plan filed in February and ousting Chief Executive
    Officer Rick Wagoner.
    The terms of the filing were hammered out by a government
    task force led by Quadrangle Group LLC co-founder Steven
    Rattner, which demanded concessions by the company, the United
    Auto Workers and bondholders.
    “The resulting agreement is tough but fair,” the
    administration said in the statement.

    60 to 90 Days

    The administration expects the new GM to emerge from
    bankruptcy in 60 to 90 days, said administration officials, who
    asked not to be identified in advance of the filing, on a
    conference call yesterday with reporters.
    The U.S. Treasury and GM prepared the way for the
    bankruptcy filing by getting 54 percent of bondholders to agree
    to the revised reorganization plan, bondholder representatives
    said yesterday. GM also got approval in the past week from the
    United Auto Workers union for an agreement that may save the
    company $1.3 billion annually.
    Al Koch, a managing director at the advisory company
    AlixPartners LLP in New York, will be GM’s chief restructuring
    officer, reporting to Chief Executive Officer Fritz Henderson,
    according to the people familiar with the matter, who asked not
    to be identified because the plans haven’t been announced.
    The process for picking the new board majority is already
    under way, as chief executives, former chief executives and
    people with business experience are being examined, one of the
    Obama administration officials said. The new members will join
    the revamped company as GM’s desirable assets emerge from
    bankruptcy, one of the officials said.

    $19.8 Billion Already

    GM, which has already received $19.8 billion in U.S.
    Treasury loans, will be the largest manufacturer to file for
    bankruptcy, surpassing Chrysler LLC. A bankruptcy judge would
    supervise the sale or liquidation of unprofitable brands, such
    as Saturn and Hummer, and the 14 factories that would be closed
    or idled.
    The new GM would emerge armed with vehicles from its
    Cadillac, Chevrolet, Buick and GMC units. It will be built to
    survive in a market of 10 million annual U.S. car sales, down
    from 16 million, the Obama administration said.
    New cars and light trucks probably sold at an annual rate of
    9.9 million vehicles in April, based on the average of 7 analyst
    estimates compiled by Bloomberg. Sales totaled 13.2 million in
    2008 and averaged 16.8 million this decade through 2007.

    United Auto Workers

    The United Auto Workers’ health trust fund for retirees,
    which is owed $20 billion by GM, will be replaced by a new
    entity that will own 17.5 percent of the new company with
    warrants to purchase an additional 2.5 percent. Bondholders and
    other creditors would get a 10 percent stake in the new GM, with
    warrants for an additional 15 percent, in exchange for $27.1
    billion unsecured debt.
    Administration officials said GM will have to comply with
    executive compensation limits the Treasury announced in February
    for financial institutions that receive more than $500 million
    in federal funds, as well as the so-called Dodd Amendment. The
    provision is named after Senate Banking Committee Chairman Chris
    Dodd, a Connecticut Democrat, who attached the pay restrictions
    to the $787 billion economic stimulus bill Congress passed on
    Feb. 13.
    Those restrictions place a $500,000 salary cap on the top
    five executives at banks, and the 20 most highly paid employees
    below them, and require them to forgo cash bonuses.
    Japan’s Toyota Motor Corp. surpassed GM last year as the
    world’s largest automaker.

    news by BLOOMBERG

  9. OK

  10. Una domanda… QUalcuno di voi ha una vaga idea di coem verranno gestiti i CDS in questa sitauzione di default pilotato? Ho chiesto a più fonti ma nessuno ha saputo spiegarmi se i possessori avranno degli indennizzi oppure no… E soprattutto se qualcuno dovrà dissanguarsi per pagare…

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