由
美
國財政部(U.S. Treasury Department)週三宣佈﹐將在未來12-15個月盡數出售通用汽車(General Motors Co., GM)股份﹐撤出對通用汽車的援助計劃。美國財政部表示﹐通用汽車將在年底前以每股27.50美元從美國財政部回購2億股普通股。美國財政部持有的餘下3.001億股將在未來12-15個月內以有序方式通過多種渠道出售。
美國財政部表示﹐剝離通用汽車股份的交易最快將在明年1月份進行﹐具體取決於市場狀況。
一位美國財政部官員稱﹐通用汽車的股票回購計劃將使美國財政部的持股比例從目前的26.5%降至完全稀釋後的不到19%。
Jeffrey Sparshott
2009.5.1
於未能與部分債權人達成協議，克萊斯勒(Chrysler LLC)周四在美國政府的要求下提交了破產重組申請。
美國總統奧巴馬在電視講話中說，這個過程將會很快，將會非常高效。
由於向克萊斯勒提供了運營資金，奧巴馬政府一直在負責該公司的重組談判。政府預計，破產重組進程會相對快速，最短可能會在30至60天內完成。
美國政府周四承諾，將再提供80億美元幫助克萊斯勒走出破產狀態。政府已經向該公司提供了40多億美元資金。
與此同時，奧巴馬宣布意大利汽車制造商菲亞特(Fiat SpA)已同意與克萊斯勒結盟。按照結盟計劃，菲亞特將向克萊斯勒提供小型節油車型的技術。
Associated Press
克萊斯勒的員工們在收看奧巴馬宣布克萊斯勒申
請破產的電視
請破產的電視
對克萊斯勒而言，申請破產保護和與菲亞特達成的協議給它帶來了結束多年持續虧損和市場份額下降的機會。這家汽車制造商一直面臨勞動力和生產成本居高不下的局面，根據與工會的協議，它還要向11.5萬名退休人員提供高額的醫療和其它福利。
克萊斯勒去年陷入了更加困難的境地，汽油價格的飆升讓消費者紛紛放棄購買運動型多用途車(SUV)和皮卡，而這些車型一直是該公司主要的利潤來源。與此同時，克萊斯勒多年來對小型車重視不夠，因此當消費者開始青睞這類車型時，該公司幾乎沒有什麼選擇余地。
預 計紐約的一家破產法院將處理重組事宜，完成這個過程相對容易，因為與庭外談判不同，達成破產重組協議不需要所有債權人的同意，只需簡單多數即可。而包括摩 根大通(J.P. Morgan Chase & Co.)和花旗集團(Citigroup Inc.)等大銀行在內的主要債權人據信都會支持這個計劃。
克萊斯勒曾經的輝煌
不願做出讓步的債權人包括對沖基金和退休基金，他們可能選擇對法院程序提出挑戰，從而拖延政府的時間表。在奧巴馬發表講話前，他們於周三發布聲明對政府的談判誠意提出質疑，稱自己的建議遭到了“直接的拒絕和漠視”。
如果由法庭主持達成的破產重組計劃獲得批準，克萊斯勒的汽車制造業務將被出售給一家新公司，當這家擁有全新東家的公司脫離破產保護狀態時，它身上不會背有對債權人和員工的繁重義務。
克萊斯勒現在的所有者──私人資本運營基金Cerberus Capital Management LP和德國的戴姆勒公司(Daimler AG)將失去它們全部股權，一只退休人員醫療信托基金將成為克萊斯勒新的大股東，持有該公司55%的股權。
根據合伙協議，菲亞特最初將獲得克萊斯勒20%的股份，不過如果能實現某些目標的話，它在克萊斯勒的持股比例可提高到35%。一旦克萊斯勒還清了美國政府的貸款，菲亞特有權選擇持有該公司50%以上的股份。
與此同時，美國財政部將持有克萊斯勒8%的股份，而加拿大和安大略省政府將提供24億美元的融資，共計持有2%的股份。
由全美汽車工人聯合會(United Auto Workers)代表的克萊斯勒5.4萬名員工和11.5萬名退休人員周三晚間同意了削減己方眾多福利的協定。
奧巴馬演講後不久，克萊斯勒首席執行長納德利(Bob Nardelli)即表示他將辭職，重新回到Cerberus工作。2007年8月Cerberus任命他掌管克萊斯勒。
Reuters
作為協議的一部分，克萊斯勒旗下車貸公司Chrysler Financial將被並入通用汽車金融服務公司(GMAC LLC)，以後購買克萊斯勒汽車的人將主要向這家公司尋求貸款。由Cerberus牽頭的一批投資者目前持有通用汽車金融服務公司的多數股權。
一位政府官員說，美國政府將有權任命重組後克萊斯勒的董事會成員，不過不會參與該公司的日常運營。
重 組計劃的基礎包括全美汽車工人聯合會周三晚間批準的成本削減協議。另一項由財政部斡旋的協議呼吁克萊斯勒的債權人接受22.5億美元現金，交換條件是他們 需勾銷克萊斯勒約69億美元的債務。盡管一些債權人拒絕接受這個提議，但上述政府官員周四表示，他預計破產法官將基本保持這些協議內容不動。
政府官員周四說，新的政府貸款包括30億至35億美元的“債務人持有破產資產”融資，如果公司撐過破產程序，還能再從政府獲得45億美元貸款。
Matthew Cowley
Chrysler LLC on Thursday filed for bankruptcy reorganization at the behest of the U.S. government after failing to reach an agreement with a small group of creditors.
'This process will be quick, it will be efficient,' U.S. President Barack Obama said in a televised address.
The Obama administration, which led the Chrysler reorganization talks because it has provided loans to keep the car maker operating, expects a relatively speedy bankruptcy proceeding that could be wrapped up in as little as 30 to 60 days.
The government, which already has provided more than $4 billion to Chrysler, said Thursday it would commit to a further $8 billion to help the company through bankruptcy.
At the same time, Mr. Obama announced that Italian car maker Fiat SpA had agreed to enter into an alliance with Chrysler. Under it, Fiat will provide the U.S. company with technology for small, fuel-efficient models.
For Chrysler, the bankruptcy filing and Fiat pact represent a chance to end years of losses and declining market share. The car maker suffered from high labor and production costs and union agreements that required it to provide extensive health care and other benefits to 115,000 retirees.
Chrysler's plight intensified last year when high gasoline prices dissuaded customers from buying its sport-utility vehicles and pickup trucks, the company's main source of profits. Meantime, the company had de-emphasized small cars in recent years and it had a sparse selection at a time when consumers were seeking them.
A New York bankruptcy court is expected to handle the restructuring, which could be easier to push through because, unlike the out-of-court talks, it doesn't need approval of all creditors. A simple majority will suffice, and large creditors, including U.S. banks J.P. Morgan Chase & Co. and Citigroup Inc., are already believed to support the plan.
In his noon address, President Obama took a tough stance against what he described as the small group of 'speculators,' the debt holders that had held up the Chrysler restructuring. The bankruptcy proceedings are 'designed to deal with those last few holdouts,' Obama said.
The holdouts, including hedge funds and pension funds, may choose to fight the court proceedings, which could derail the government's timetable. In a statement released Wednesday before the president's address, they questioned the administration's willingness to negotiate, saying their own offer was 'flatly rejected or ignored.'
If the court plan is approved, Chrysler's car-making operations will be sold to a new company, which would emerge from bankruptcy under entirely new ownership and without the onerous obligations to creditors and employees.
Chrysler's existing owners, private-equity fund Cerberus Capital Management LP and Germany's Daimler AG, would lose all their holdings, and a health-care trust fund for retirees will emerge as the new majority owner, with a 55% stake.
Under its partnership, Fiat initially will receive a 20% stake in Chrysler but it could rise to 35% if certain targets are met. Fiat has the option of becoming a majority shareholder once the U.S. loans have been repaid.
The U.S. Treasury Department, meanwhile, will own 8% of Chrysler, and the governments of Canada and Ontario, which will provide $2.4 billion in financing, will hold a combined 2% stake.
The car maker's 54,000 employees and its 115,000 retirees, represented by the United Auto Workers union, late Wednesday approved their part of the bargain, eliminating a number of benefits.
Shortly after the president's speech, Chrysler Chief Executive Bob Nardelli said he would resign, returning to work for Cerberus, which had appointed him to run the company in August 2007.
Chrysler said it will temporarily idle most of its manufacturing plants for as long as 60 days starting Monday as the company seeks to reorganize.
As part of the agreement, Chrysler's lending arm, Chrysler Financial, will be folded into GMAC LLC, which will become the main financing source for all Chrysler vehicles. A group of investors led by Cerberus holds a majority stake in GMAC.
The U.S. government will have the power to appoint board members at the reorganized Chrysler but won't get involved in day-to-day operations, an administration official said.
The groundwork for the revamping includes a cost-cutting deal ratified by the United Auto Workers union late Wednesday. Another Treasury-brokered agreement calls for Chrysler's lenders to accept $2.25 billion in cash in exchange for wiping out about $6.9 billion of Chrysler's debt. Though some creditors balked at that offer the administration official said Thursday that he expects those agreements to be kept largely intact by a bankruptcy judge.
The new government loans include between $3 billion to $3.5 billion in so-called debtor-in-possession financing and an additional $4.5 billion once the company emerges from court, administration officials said Thursday.
Matthew Cowley
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