GM最快可能下周破产

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U.S. to Send GM Into Bankruptcy Next Week, Washington Post Says

By Sylvia Wier

May 21 (Bloomberg) -- The U.S. government will send General Motors Corp. into bankruptcy next week, the Washington Post reported, citing unidentified sources familiar with the talks.

The car company would get $30 billion in additional federal loans as part of the bankruptcy plan, the newspaper said, citing a source it didn't identify.

Last Updated: May 21, 2009 22:34 EDT

hobohobo

May 22 (Bloomberg) -- General Motors Corp. may get a fourth offer for its
Opel and Vauxhall operations in Europe after a Chinese carmaker submitted an
expression of interest yesterday, according to two people familiar with the
matter.

The Chinese company sent a letter a day after the May 20 deadline for bids,
said the people, who declined to be identified because the negotiations are
private. A specific offer may not materialize, said the people, declining to
name the company.

GM is selling a majority stake in its European operations while preparing
for a probable June 1 bankruptcy. The unit attracted bids from Italian
carmaker Fiat SpA, Canadian auto supplier Magna International Inc. and RHJ
International SA, a buyout firm that has automotive assets, including some
former holdings of private-equity firm Ripplewood Holdings LLC.

“Opel is important for GM in allowing them the savings of global parts
sharing,” said Rebecca Lindland, a forecaster at IHS Global Insight Inc. in
Lexington, Massachusetts. “Opel models are part of designs they are using
all over the world.”

The bids from Magna and RHJ include cash, while Fiat’s offer requires 7
billion euros ($9.7 billion) of financing to reorganize Opel, the people
said. Fiat’s bid has two parts: an offer for the Opel and Vauxhall units,
and an alternative plan to also buy GM’s operations in Brazil and Argentina
, one of the people said.

SAIC Motor Corp., China’s biggest carmaker, declined to comment. Chongqing
Changan Automobile Co. Ltd. spokesman Zhang Baojun said it had not submitted
an expression of interest for Opel. Dongfeng Motor Group Co. spokesman Hu
Xindong and Geely Holding Group Co. spokesman Zhang Xiaodong said they were
unaware of any bid. Chery Automobile Co. spokesman Jin Yibo was not
available for comment.

New Fiat IPO

Fiat Chief Executive Officer Sergio Marchionne has said he wants to create a
new company that combines Fiat’s auto unit with Chrysler LLC, GM Europe
and possibly GM Latin America. Intesa SanPaolo SpA, UniCredit SpA and
Goldman, Sachs & Co. will be the global coordinators for the initial public
offering of that automaker, Fiat said today in a statement.

The statement didn’t specify whether the banks will provide financing
needed to close the transaction. Gualberto Ranieri, a spokesman for Fiat in
Turin, Italy, declined to comment.

Marchionne has said his bid for Opel wouldn’t require cash. He would offer
“100 percent of Fiat’s auto unit clean of debt and assume Opel debt,” he
said in a May 6 interview.

GM Europe CEO Carl Peter Forster said last week that Magna’s interest in
Opel was to increase sales in Russia.

Magna’s focus on Russia would play on Opel’s growth in the country and
help it accelerate, Forster said. Opel could leverage manufacturing in St.
Petersburg and in Uzbekistan with a Russian partner and Magna.

OAO GAZ Role

RHJ gets more than two-thirds of revenue from sales of automotive parts. The
company is led by CEO Leonhard Fischer, who joined in 2007 from Credit
Suisse, where he was head of European operations.

OAO GAZ, the carmaker controlled by billionaire Oleg Deripaska, said May 12
that it wants to start producing Opel cars in Russia with Magna if the
Canadian parts maker acquires the GM brand.

GM is trying to cut $1.2 billion in costs and win 3.3 billion euros ($4.6
billion) in European aid to keep Opel operating independently of U.S.
operations. CEO Fritz Henderson said May 14 that he intended for any bidder
to retain a technology-sharing relationship with GM.

“These are the kinds of cost-saving opportunities that GM really needs and
they didn’t have in the past,” Lindland said.

Government Aid

The German government will contribute 750 million euros toward a financial
lifeline for Opel, and the four states with its factories will provide the
remainder, said Juergen Reinholz, economy minister of Thuringia. Opel also
operates in the U.K., Spain, Poland and Belgium.

Arnaud Denis, a spokesman for RHJ, declined to comment. Renee Rashid Merem,
a spokeswoman for GM in Detroit, Opel spokesman Frank Klaas, and Daniel
Witzani, a spokesman for Magna in Europe, couldn’t immediately be reached.

Russelsheim, Germany-based Opel began as a manufacturer of sewing machines
in 1862 and became a carmaker before GM bought it in 1929.

hobohobo

http://www.thestreet.com/story/1 ... -gm-bankruptcy.html

can2000

any comments on GM stock? thanks

layschips

any comments on GM stock? thanks
can2000 发表于 2009-5-22 20:13

keep away unless you are Shifu of 神龙摆尾/飞龙在天

xuelianhua

Watch out, I will wait for 0.5 to get in maybe.

acura