GM/GMAC Vol. 64° Più gesso che calma

[saverio1973]

MF Dow Jones 06.05 17:33 - Fiat: Renault, non interessati ad acquisto Opel


PARIGI (MF-DJ)--Renault non e' interessata ad acquistare Opel, societa' che interessa a Fiat.

E' quanto precisato dall'amministratore delegato del gruppo francese Carlos Goshn che ha anche aggiunto come Renault intende rafforzare la sua cooperazione con Nissan in Giappone. red/cat

[viper71]

GM to reopen talks with UAW this week
Wed May 6, 2009 8:31am EDT
By John Crawley and Kim Dixon

WASHINGTON (Reuters) - General Motors is set to resume negotiations with the United Auto Workers union this week and believes everything should be open for discussion, the company's chief executive said on Tuesday.

"I'm encouraged to reengage with the UAW at the bargaining table. I'm one of those people who believes that everything should be on the table" so long as it leads to GM's viability, Fritz Henderson told reporters after meeting with congressional officials.

GM, a recipient of $15 billion (10 billion pounds) in federal bailout funds, is up against a government-imposed June 1 deadline to cut debt, reach union concessions and restructure its operations or face likely bankruptcy.

Henderson said if GM were to seek Chapter 11 protection, like its rival Chrysler did last week, the matter would be handled as expeditiously as possible. Chrysler hopes to step out of bankruptcy within 60 days.

Although Henderson cited some similarities between restructuring efforts at Chrysler and his company, the two have different challenges.

"My business card doesn't say Chrysler," Henderson said. "We'll deal with the realities of General Motors."

Retiree health care and UAW concerns about GM's restructuring proposal, specifically about plans for overseas vehicle production, would be key topics for discussion with the UAW.

"You have to listen to each side to find common ground. That's what we'll do," said Henderson, who took over the top job at GM just over a month ago.

The UAW wants the government to reject GM's latest restructuring plan, saying it would cut domestic factory jobs and clear the way for increased imports from plants in Mexico, South Korea and China.

On healthcare, Henderson said Chrysler's deal with the union on restructuring payments on retiree health care was similar in design to what GM wants to do to help restructure its own debt.

Henderson said the U.S. Treasury was continuing to review its business plan, which includes a proposed bond exchange to reduce $28 billion in debt.

"The Treasury will continue their evaluation through the month, which is fine. But we're not waiting, we're implementing. The bond exchange needed to be launched when we launched it," Henderson said. "Now we'll have to see."

GM bondholders believe it has a small chance to succeed in a way that would avoid bankruptcy.

GM shares gained 3 cents, or 1.65 percent, to close at $1.85 on the New York Stock Exchange.

(Reporting by John Crawley and Kim Dixon; Editing Bernard Orr)

[viper71]

GM Works on Debt-Conversion Pact
By SHARON TERLEP
MAY 6, 2009, 7:33 A.M. ET

General Motors Corp. said Tuesday that it's still working to cut a deal with U.S. Treasury to swap at least half of the company's government debt for equity.

In a filing Tuesday with the Securities and Exchange Commission, GM said it's in "ongoing discussions" with the Treasury over a deal that would convert some or all of the billions of dollars the embattled Detroit auto maker has borrowed from the government.

The Treasury deal hinges in part on GM's ability to reach agreements with bondholders and the United Auto Workers to swap billions in debt for equity. Under the arrangement, the government would own at least 50% of the company.

GM has borrowed $15.4 billion in federal loans and is asking for an additional $11.6 billion.

The auto maker said in the filing it may offer one share of new stock for every 100 currently held by shareholders in a reverse stock split as part of the deal.

If GM fails to substantially restructure its balance sheet through the debt swap and other cost cutting, the auto maker will likely be forced to file for bankruptcy by a June 1 deadline set by the Obama administration.

Aspettiamoci novità...

[gohan_ss]

data l'offerta di scambio (225 azioni contro 1000$ di bond)
quale sarà il prezzo delle azioni?
Conviene venderle o aderire allo scambio?

[viper71]

Nissan Said to Be Possible Partner for Penske in Saturn Venture
By Doron Levin and Katie Merx

May 6 (Bloomberg) -- Nissan Motor Co., Japan’s third-largest automaker, may join a venture with U.S. retailer Penske Automotive Group Inc. and General Motors Corp.’s Saturn car brand, two people familiar with the matter said.

The idea is that Nissan, its affiliate Renault SA or another automaker may make Saturn-brand vehicles for a new venture that could be operated by Penske and distributed through Saturn’s retail network, said the people, who asked not to be named because discussions are private. GM is seeking to spin off or sell the Saturn brand and its distribution network that links 350 to 400 U.S. dealerships.

Chief Executive Officer Carlos Ghosn may want to put Nissan’s North American factories to work producing vehicles under the Saturn nameplate after Nissan and Infiniti sales in the U.S. fell by a third. Nissan shares have gained 59 percent this year.

For Penske Automotive, such a venture may allow it to expand its business, similar to its distribution of Daimler AG’s Smart brand.

“We’ve looked at Saturn,” Chief Executive Officer Roger Penske said May 4 in an interview. “We look at a lot of opportunities. It would be premature to say we’re anywhere close to a deal.”

U.S. Saturn franchisees have collectively invested from $1 billion to $2 billion in their stores, parts and related equipment, according to dealer estimates.

GM, facing a June 1 deadline to cut debt and other costs or file for bankruptcy protection, plans to shrink its eight U.S. automotive brands to four.

Multiple Bidders

The automaker has committed to producing Saturn models through the end of this year and is willing to make them on a contract basis through 2011, Jill Lajdziak, general manager for the brand, said April 28.

GM is entertaining interest from multiple bidders, Lajdziak said last week. Detroit-based GM will accept bids for the brand until June 1 and will narrow down the list through the summer, with a goal of selling or winding down the brand by the end of the year.

Steve Janisse, a GM spokesman, declined to comment on Saturn bidders. GM is being advised by former equity analyst Stephen Girsky, the automaker reiterated in a statement May 4.

In addition to selling cars at retail through 310 dealerships in the U.S. and U.K., Penske is the U.S. distributor of Smart cars. Unlike most other vehicle-distribution networks, Smart takes customer orders and deposits via a Web site, allowing dealers to keep fewer cars in inventory.

‘Plug and Play’

Penske executives refer to such a vehicle distribution method, sidestepping the traditional U.S. franchises in which only dealers can take retail orders, as “plug and play.”

Nissan’s U.S. sales, including its Infiniti luxury brand, have tumbled 36 percent this year, similar to the industry’s 37 percent plunge. The Tokyo-based automaker has excess manufacturing capacity in North America and could build versions of its current models branded as Saturns.

Nissan and Renault have expressed tentative interest in the venture, one of the people said. Fred Standish, a Nissan spokesman, and Frederique Le Greves, a Renault spokeswoman, declined to comment.

GM introduced Saturn in 1990 to take on Japanese brands in the U.S. with a low-pressure sales approach and no-haggle pricing. U.S. sales tumbled 58 percent through the first four months of this year. Only Hummer, among GM brands, declined more sharply at 67 percent.

Penske Automotive, the second-largest publicly held dealer group, earned $16.3 million in first-quarter net income or 18 cents per share, down 50 percent from last year’s $32.3 million or 33 cents per share.

Penske lost 9 cents, or 0.7 percent, today to close at $13.47. It has gained 75 percent this year.

Last Updated: May 5, 2009 22:09 EDT

Nissan vorrebbe acquistare Saturn accollandosi debiti e tutto il resto...

[General Max]

Originalmente inviato da viper71

Aspettiamoci novità...

Si sapeva ma tu dici che potrebbe mettersi peggio di così ???

Potrebbe piovere ???

[viper71]

Originalmente inviato da General Max

Si sapeva ma tu dici che potrebbe mettersi peggio di così ???

Potrebbe piovere ???

Mi attendo un miglioramento dell'offerta...

[General Max]

Ecco la pioggia ... Speriamo bene ...

Mi piace il commento dove si dice che potrebbero mettere il bilancio "giù duro" per "impaurire" i bondisti. Come se le trimestrali si potessero aggiustare ...

GM May Report $6.9 Billion Loss Before U.S. Deadline (Update1)
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By Jeff Green and Katie Merx

May 6 (Bloomberg) -- General Motors Corp. will probably report its eighth straight quarterly loss tomorrow, reinforcing its push to get the union, U.S. government and bondholders to cut $44 billion in debt so it can survive.

The Detroit automaker may lose $11.34 a share, equal to about $6.9 billion, compared with a net loss of $5.74, or $3.3 billion, for the same quarter a year ago, according to the estimates of five analysts surveyed by Bloomberg.

“It actually helps their cause to report a big loss, to show how close they are to actually being bankrupt,” said Kevin Tynan, an analyst at Argus Research in New York. He has a sell rating on GM stock.

GM Chief Executive Officer Fritz Henderson has said he is still trying to avoid taking the 100-year-old automaker into bankruptcy protection on even though he said it’s more probable now because of the Obama administration’s insistence that debt holders and others take deeper cuts by a June 1 deadline than originally planned.

GM has already lost $82 billion since 2004, its last profitable year. Excluding some costs, GM may report a loss of $10.97 a share, according to 11 analysts surveyed by Bloomberg. Most analysts use the so-called adjusted results to measure performance.

Camaro Demand

The automaker announced April 23 as much as 9 weeks of downtime at 14 North American plants between now and mid-July to adjust production to a general decline in demand.

Since then, the automaker has added back a week of production at a Texas sport-utility vehicle plant, two weeks at a Michigan truck plant, and today said it canceled a scheduled vacation week at its Oshawa, Ontario, car plant because of strong demand for the new Chevrolet Camaro.

“They’re in such a precarious situation, a strong earnings report might not stave off bankruptcy,” said analyst Stephanie Brinley, of AutoPacific in Troy, Michigan. “Their problems are systemic. One quarter’s performance isn’t going to fix the fact that they’re running out of cash.”

GM fell 21 cents, or 11 percent, to $1.64 at 10:04 a.m. in New York Stock Exchange composite trading. The shares declined 39 percent in the first quarter.

GM’s 8.375 percent bonds due in July 2033 rose 0.35 cent yesterday to 8.4 cents on the dollar, yielding 98 percent, according to Trace, the bond-pricing service of the Financial Industry Regulatory Authority.

Deeper Cuts

President Barack Obama in March rejected GM’s original plan to eliminate 47,000 jobs this year and cut about $28.5 billion in union and bond debt, because he said it wasn’t sufficient to return the automaker to viability and gave executives 60 days to restructure out of court. GM agreed to kill the Pontiac brand, added two more plant closings and said at least 7,000 more union jobs will be eliminated by the end of next year than planned.

As part of the new orders, the Obama administration asked Rick Wagoner to step down as CEO and chairman and appointed GM director Kent Kresa as chairman and Henderson as CEO. Kresa is in the process of replacing a majority of GM’s board at the direction of Obama’s auto task force.

Under GM’s latest proposal, the U.S. would control at least 50 percent of 60 billion shares in the restructured GM and a union-run health-care fund would get 39 percent. Unsecured bondholders would get 10 percent and existing shareholders would get 1 percent, GM said. After the exchange was complete, the company would do a 1-for-100 reverse split of the shares.

‘Screws’ to Bondholders

If 90 percent of the bondholders don’t sign up for the GM offer of 225 shares in the new automaker for each $1,000 in principal they hold by May 26, GM plans to file bankruptcy, Henderson said after unveiling the offer.

Bondholders countered the government offer with a proposal that GM give them 58 percent of the equity in the reorganized company. Henderson told reporters yesterday that the U.S. Treasury has indicated it “would not be supportive of shareholding in excess of 10 percent” for the bondholders.

“It’s at a point where you would think they would want to show the financials as bad as they are and put the screws to the bondholders,” Tynan said.

A New York bankruptcy judge’s decision late last night to allow Chrysler LLC to go forward with a plan to sell its best assets to a new company and leave the bad assets behind increases the likelihood GM will seek court protection if enough bondholders don’t agree to an equity swap, Brian Johnson, a Barclays Plc analyst based in Chicago, said in a report today.

He has a neutral rating on the shares.

“The ruling likely means that ‘New Chrysler’ can emerge in 60 days, making a similar ‘quick rinse’ for GM bondholders appear more likely, in our view,” Johnson wrote.

To contact the reporter on this story: Jeff Green in Southfield, Michigan at jgreen16@bloomberg.net

[gohan_ss]

Originalmente inviato da viper71

Mi attendo un miglioramento dell'offerta...

un miglioramento dell'offerta?

[Fabrizio67]

Originalmente inviato da Gaudente

vediamo se mi ribannano
http://www.youtube.com/watch?v=GjOIFGrYtaE
http://www.youtube.com/watch?v=A2F-drjUwNU&NR=1
ma soprattutto...
http://www.youtube.com/watch?v=cZYgXrUSjIs (premete il link info sulla destra per leggere bene la lyric )

http://www.youtube.com/watch?v=zzeLoa1gwCU


P.S.
Ma youtube lo hanno "riabilitato" in thai ?