www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

WORLD> America
Bankruptcy remains an option for GM, analysts say
(Agencies)
Updated: 2009-02-19 09:41

DETROIT  – A government-backed bankruptcy reorganization remains an option for saving General Motors Corp and Chrysler LLC, analysts said on Wednesday, even though the automakers have said they would rather not go down that road.


Car salesman Ray Schaffer (L) shows a customer a 2009 Chevrolet Impala sedan at a dealership in Dearborn, Michigan December 29, 2008. [Agencies] 

Related readings:
 Chinese automaker denies buying GM's Hummer
 GM, Chrysler seek more govt aid, to cut more jobs
 GM, UAW in talks racing toward Tuesday deadline
 GM's fall could help speed up restructure

GM and Chrysler asked for billions of dollars more in federal aid on Tuesday and announced sweeping changes including capacity reductions and job cuts.

Some Wall Street analysts were disappointed that the restructuring plans submitted to the US Treasury did not include key concessions from the United Auto Workers union and the automakers' bondholders.

One analyst said that taking the bankruptcy option off the table would reduce the bargaining power of the companies.

Both GM and Chrysler analyzed a possible bankruptcy filing in their restructuring plans but stressed that it was not their preferred method for reorganizing and that they hoped to avoid this scenario.

GM, which has requested $16.4 billion in additional loans from the US government for a total of up to $30 billion, has said it would run out of cash as soon as March without new federal funding.

The request came shortly after smaller rival Chrysler asked for another $5 billion in aid.

GM's request that a sizable chunk of total aid come in the form of preferred equity rather than debt is a "tacit acknowledgment of the fact that GM may emerge from an out-of-court process as a still highly levered firm," JP Morgan analyst Himanshu Patel said.

David Leiker, analyst with Robert W. Baird, still sees bankruptcy as the best option for a reorganization.

"Though likely to be painful near-term, we continue to believe that the challenges to restructuring GM and Chrysler are too complicated to be met outside of a bankruptcy," Leiker said.

In its restructuring blueprint, GM estimated that if it were forced to reorganize in a traditional bankruptcy, the tab for the government could touch $100 billion in bankruptcy financing.

Chrysler estimated that the bill for its bankruptcy could hit $1,200 per taxpayer.

GM also outlined cost-reduction actions but still has to reach an agreement with its bondholders and the UAW on how to reduce the roughly $48 billion it owes both groups.

An equity-for-debt swap, which is being considered, could significantly hit stockholders.

"A substantial majority of the pro-forma equity in General Motors would be distributed to exchanging bondholders and the UAW VEBA," Credit Suisse analyst Chris Ceraso said. "The existing equity holders would largely be wiped out by the bond and VEBA exchanges."

The UAW VEBA is trust fund set up to cover employee healthcare costs.

Another issue that could crop up for auto investors is the potential for "going concern opinions" from auditors due to the liquidity crunch, operational losses and solvency issues in the auto industry, according to Grant Thornton, a corporate advisory and restructuring services firm.

A going concern opinion is a statement that there is substantial doubt about the entity's ability to continue as a going concern, something that would be typically mentioned in US Securities and Exchange Commission filings by companies.

"It's important for the public, the supply base and all of the parties involved in restructuring the auto industry not to overreact if they start seeing 'going concern' opinions," said Kimberly Rodriguez, co-leader of Grant Thornton's global automotive team, adding that the radical restructurings GM and Chrysler are undertaking would ultimately help salvage the industry.

GM shares were down 9 cents or 4.13 percent at $2.09 in afternoon trading on the New York Stock Exchange.

主站蜘蛛池模板: 国产女人伦码一区二区三区不卡 | 午夜在线亚洲男人午在线 | 国产自在自线午夜精品视频 | 99在线免费观看 | 免费在线一级片 | 美女黄色在线观看 | 免费国产午夜高清在线视频 | 欧美另类交视频 | 女人精aaaa片一级毛片女女 | 国产成人精品视频午夜 | 男女性高清爱潮视频免费观看 | 国产91一区二区在线播放不卡 | 国产一级爱做片免费观看 | 国产三级小视频在线观看 | 国产成人一区二区三区视频免费 | 午夜毛片不卡高清免费 | 日本视频在线免费看 | 欧美精品在线免费观看 | 国产欧美专区在线观看 | 国产高清在线精品免费 | 国产在线视频一区二区三区 | 国产乱弄视频在线观看 | 美女视频永久黄网站免费观看韩国 | 亚洲成人一区二区 | 久久久久久久久a免费 | 日韩精品一区二区三区四区 | 国产精品99久久久久久www | 日韩视频观看 | 久草在线免费新视频 | 日本高清乱偷www | 亚洲一区二区三区久久精品 | 免费 欧美 自拍 在线观看 | 亚洲国产精品二区久久 | 日本三级全黄三级a | 欧美成人手机视频免费播放 | 国产成人午夜性a一级毛片 国产成人午夜性视频影院 国产成人香蕉久久久久 | jk制服福利在线播放 | 三级精品 | 国产一区二区三区欧美 | 欧美满嘴射 | 在线观看视频一区二区三区 |