GM Shifts Union Negotiations Into High Gear
预计通用汽车公司(General Motors Corp.)本周将加快与全美汽车工人联合会(United Auto Workers)的谈判进度，并为关闭约2,600家经销店进一步做好准备。这家汽车生产巨头本月还有可能与握有其有担保债券的银行接洽，希望能通过重新制定债务条款来减轻公司的债务负担。如果通用汽车想不申请破产就完成重组，在上述领域达成协议是至关重要的。拜克莱斯勒(Chrysler LLC)上周申请破产所赐，通用汽车在重新与各方举行谈判时又有了新的砝码。但它与克莱斯勒之间的区别意味着，通用汽车也只能把这些砝码用到目前为止了。Dewey & LeBoeuf的破产事务律师罗森布鲁姆(Lewis Rosenbloom)说，克莱斯勒的前车之鉴向通用汽车的债权人表明，破产是一个可行的选择。罗森布鲁姆供职的这家律师事务所与通用汽车和克莱斯勒都有广泛的业务往来。他说，如果通用汽车无法与债权人达成一项双方都能接受的协议，政府将不会继续向它投钱，因此他认为(克莱斯勒申请破产)预示着通用汽车的重组问题即将取得进展。美国财政部已要求通用汽车在6月份之前制定出一项重组计划，并暗示说，如果无法达成推出重组计划所必须的交易，财政部可能推动通用汽车破产。通用汽车不申请破产的希望取决于它能否说服持有该公司270亿美元无担保债券的投资者，要其放弃对通用汽车的大部分债权以换取在该公司的少量股权。一些债券持有人已表示，如果债换股交易的条款无法再优厚些，他们将不予接受。近几个月来，通用汽车的管理人士一直不愿让公司申请破产保护，因为担心人们不愿从一家处于破产保护状态的公司购买汽车。通用汽车还担心，如果将事情闹到破产法庭，心怀不满的债权人会阻挠该公司的破产进程。奥巴马政府已表示，将支持通用汽车申请破产，以便该公司能迅速完成破产重组进程，这与政府对克莱斯勒破产案所持的态度十分相似。但通用汽车的情况却十分不同。克莱斯勒不存在无担保债券投资者，而通用汽车却要与这类投资者打交道。通用汽车还希望能剥离或出售包括Saturn和Pontiac在内的几项业务。据知情人士说，通用汽车预计下周一会向被确定要关闭的经销店支付解约费。这些经销商既可接受通用汽车的关闭补偿，也可任由破产法庭来决定其命运。经销商们一直拿不准通用汽车会以何种标准决定哪些经销店可以保留下去。通用汽车仍在与有兴趣收购Saturn和Hummer的各方进行谈判。由于通用汽车有可能申请破产保护，因此出售谈判的进展一直很缓慢。通用汽车并非只在给自己的美国业务瘦身。该公司首席执行长亨德森(Fritz Henderson)上周一表示，通用汽车可能会出售自己在欧宝(Opel)的全部股份，这家公司是通用汽车欧洲业务的核心。除了剥离部分业务部门外，通用汽车还需与全美汽车工人联合会就降低劳工成本重新安排公司为退休人员承担的医疗保健义务达成协议。这些谈判预计会贯穿整个五月份。通用汽车提议让全美汽车工人联合会在该公司持股39%，并给予这家工会约100亿美元现金，以抵消通用汽车欠该工会一信托基金的200亿美元医疗福利付款。全美汽车工人联合会主席盖特芬格(Ron Gettelfinger)说，该会在处理好克莱斯勒破产案后，将加大力度展开与通用汽车的谈判。John D. Stoll相关阅读通用汽车小债权人反对债转股计划 2009-04-30通用汽车新重振方案将使美国政府成为大股东 2009-04-28通用汽车大力发展在华业务 2009-04-27原声视频：回顾克莱斯勒的发展历程(中文字幕) 2009-05-04克莱斯勒提交破产保护申请 2009-05-01 本文涉及股票或公司document.write (truthmeter('2009年05月04日11:07', 'GM'));General Motors Co.总部地点：美国上市地点：纽约证交所股票代码：GMdocument.write (truthmeter('2009年05月04日11:07', 'C.XX'));Chrysler Llc总部地点：美国
General Motors Corp. is expected this week to accelerate talks with the United Auto Workers union and move toward closing about 2,600 dealerships.The giant auto maker also is likely this month to approach banks holding secured debt, hoping to work out terms to ease the company's debt burden.Reaching agreement on these fronts is critical if GM is to restructure outside of bankruptcy court.The company has new leverage as it re-engages in talks, thanks to the bankruptcy filing last week by Chrysler LLC. But differences between the two auto makers mean that leverage can take GM only so far.'The move with Chrysler signals to the GM creditors that bankruptcy is a viable option,' said Lewis Rosenbloom, a bankruptcy lawyer with Dewey & LeBoeuf. Mr. Rosenbloom's firm does extensive work for GM and Chrysler. 'The government is not just going to throw money at this without getting a consensual accord, so I think this is a harbinger of things to come.'The Treasury Department has given GM until June to work out a restructuring plan and has indicated it may push the company into bankruptcy if the necessary deals don't materialize.GM's hopes of staying out of court hinge on its ability to convince thousands of unsecured bondholders, owed $27 billion, to accept a small equity stake in the company in exchange for forgiving most of the debt. Several bondholders have said the equity exchange will fail if the terms aren't sweetened.GM executives had been reluctant to embrace bankruptcy in recent months over fear that car buyers won't purchase from an auto maker in Chapter 11 proceedings. GM also fears that in bankruptcy court, the auto maker's restructuring could be stalled by disgruntled creditors.The Obama administration has said it will support a GM bankruptcy so that it moves quickly, much like the government is promising in Chrysler's case. But GM's case is much different.In addition to confronting an issue with unsecured bondholders that didn't exist at Chrysler, GM is looking to shed or sell several divisions, including Saturn and Pontiac. GM is expected next Monday to offer payments to the dealers who are targeted for closure, according to people familiar with the matter. Those dealers can either accept the offer, or take their chances in bankruptcy court. Dealers have expressed concern over how GM will determine which franchises survive.The auto maker continues to talk with interested parties about purchasing Saturn and Hummer. Both of those sales have been slowed by the potential bankruptcy filing.GM isn't just slimming down U.S. operations.Last Monday, GM Chief Executive Fritz Henderson said the company may sell its entire stake in Opel, which is the heart of GM Europe's operations.Beyond shedding business units, GM has yet to ink a deal with the UAW on labor-cost reductions and retooling retiree health-care obligations. Those talks are expected to take all month. GM is offering its union a 39% stake and about $10 billion in cash in exchange for the $20 billion the company owes a UAW trust fund responsible for paying health benefits.UAW president Ron Gettelfinger said the union will turn up the heat on GM talks after it gets squared away with the Chrysler bankruptcy.John D. Stoll
General Motors Corp. is expected this week to accelerate talks with the United Auto Workers union and move toward closing about 2,600 dealerships.The giant auto maker also is likely this month to approach banks holding secured debt, hoping to work out terms to ease the company's debt burden.Reaching agreement on these fronts is critical if GM is to restructure outside of bankruptcy court.The company has new leverage as it re-engages in talks, thanks to the bankruptcy filing last week by Chrysler LLC. But differences between the two auto makers mean that leverage can take GM only so far.'The move with Chrysler signals to the GM creditors that bankruptcy is a viable option,' said Lewis Rosenbloom, a bankruptcy lawyer with Dewey & LeBoeuf. Mr. Rosenbloom's firm does extensive work for GM and Chrysler. 'The government is not just going to throw money at this without getting a consensual accord, so I think this is a harbinger of things to come.'The Treasury Department has given GM until June to work out a restructuring plan and has indicated it may push the company into bankruptcy if the necessary deals don't materialize.GM's hopes of staying out of court hinge on its ability to convince thousands of unsecured bondholders, owed $27 billion, to accept a small equity stake in the company in exchange for forgiving most of the debt. Several bondholders have said the equity exchange will fail if the terms aren't sweetened.GM executives had been reluctant to embrace bankruptcy in recent months over fear that car buyers won't purchase from an auto maker in Chapter 11 proceedings. GM also fears that in bankruptcy court, the auto maker's restructuring could be stalled by disgruntled creditors.The Obama administration has said it will support a GM bankruptcy so that it moves quickly, much like the government is promising in Chrysler's case. But GM's case is much different.In addition to confronting an issue with unsecured bondholders that didn't exist at Chrysler, GM is looking to shed or sell several divisions, including Saturn and Pontiac. GM is expected next Monday to offer payments to the dealers who are targeted for closure, according to people familiar with the matter. Those dealers can either accept the offer, or take their chances in bankruptcy court. Dealers have expressed concern over how GM will determine which franchises survive.The auto maker continues to talk with interested parties about purchasing Saturn and Hummer. Both of those sales have been slowed by the potential bankruptcy filing.GM isn't just slimming down U.S. operations.Last Monday, GM Chief Executive Fritz Henderson said the company may sell its entire stake in Opel, which is the heart of GM Europe's operations.Beyond shedding business units, GM has yet to ink a deal with the UAW on labor-cost reductions and retooling retiree health-care obligations. Those talks are expected to take all month. GM is offering its union a 39% stake and about $10 billion in cash in exchange for the $20 billion the company owes a UAW trust fund responsible for paying health benefits.UAW president Ron Gettelfinger said the union will turn up the heat on GM talks after it gets squared away with the Chrysler bankruptcy.John D. Stoll