GM stock tumbles on Delphi news
Bankruptcy filing punishes GM stock, Delphi securities as investors scramble for the exits.
October 10, 2005: 12:34 PM EDT
Delphi, the largest U.S. auto supplier, has filed for bankruptcy. WDIV's Rod Meloni reports (October 10)
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NEW YORK (CNN/Money) - General Motors stock tumbled Monday along with Delphi Corp. stock and bonds on news that the auto parts maker had filed for bankruptcy over the weekend.
Delphi, the nation's biggest auto parts maker, filed for protection under Chapter 11 of the federal bankruptcy laws Saturday after warning for months that a filing was likely. In Chapter 11, a company is protected from creditors while it works out a plan to reorganize and pay its debts.
GM (down $1.29 to $27.00, Research) shares sank about 5 percent in early trading on the New York Stock Exchange.
GM, which spun off Delphi in 1999, may be on the hook for pensions and benefits of Delphi employees that could total as much as $11 billion, the automaker said in a statement over the weekend.
Meanwhile, Delphi (down $0.64 to $0.48, Research) shares tumbled as well, losing about half their value in morning trading after a delayed opening.
Delphi bonds also tumbled in Monday over-the-counter trading, Reuters reported.
Bondholders often get just a fraction of their original investment when a company reorganizes in bankruptcy while shareholders are usually wiped out.
Delphi's bankruptcy filing was the biggest in U.S. automotive history and promises to have a broad impact across the industry.
For example, the chances that GM will have to file for bankruptcy are now up to about 30 percent, according to one industry analyst, following the Delphi bankruptcy filing. (Full story).
The analyst, Rod Tadross at Banc of America Securities, estimated that GM's retirement liabilities are now up to about $6 a share, as the automaker warned it could be on the hook for up to $11 billion in contract obligations to its former employees at Delphi. (Full story).
Delphi, based in Troy, Mich., has struggled since it was spun off from former parent General Motors in 1999, posting net losses of $741 million in the first half of 2005 alone. (Full story).
http://money.cnn.com/2005/10/10/news/delphi_gm/index.htm
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Will GM follow Delphi into bankruptcy?
One analyst puts bankruptcy at GM at 30% after Delphi filing, but another disagrees.
October 10, 2005: 1:52 PM EDT
By Chris Isidore, CNN/Money senior writer
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Delphi, the largest U.S. auto supplier, has filed for bankruptcy. WDIV's Rod Meloni reports (October 10)
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NEW YORK (CNN/Money) - The chances that General Motors will have to file for bankruptcy are now up to about 30 percent, according to one industry analyst, following the bankruptcy filing by the company's former parts unit, Delphi.
The Banc of America Securities analyst, Rod Tadross, estimated Monday that GM's retirement liabilities are now up to about $6 a share, as the automaker warned Saturday that it could be on the hook for up to $11 billion in contract obligations to its former employees at Delphi.
GM spun off the world's largest auto-parts maker in 1999, but retained responsibility for some of the company's retirement health and pension benefits if Delphi filed for bankruptcy before 2007.
"Our strong belief that the United Auto Workers union will be tougher on GM than Delphi should get GM to more seriously consider bankruptcy protections," Tadross wrote in a report Monday morning.
Tadross also cut his 12-month target price for GM shares to $18 from $32.
Shares of GM (down $1.62 to $26.67, Research) fell about 5 percent, to under $27 a share, at mid-session Monday morning, following the Saturday Chapter 11 filing by Delphi. In Chapter 11, a company is protected from creditors as it tries to reorganize and work out a plan to pay its debts.
Despite billions in losses recently from its core North American auto operations, GM has a healthy balance sheet, with $32.3 billion in cash on hand.
It also has said it has a fully funded pension plan, though that does not include retiree health care costs, which have become a significant burden for the automaker.
Auto analyst David Healy of Burnham Securities said he agrees that Delphi's bankruptcy is a significant hit for GM but one that he thinks the embattled automaker is well positioned to handle, given its strong balance sheet.
"I still think it's unlikely," said Healy about a bankruptcy threat at GM. "I think GM has the liquidity it needs. In addition to the cash, it has $50 billion in untapped borrowing."
Even though Healy said GM probably will have to assume billions in additional contract obligations due to the Delphi filing -- maybe as much as $11 billion -- he said Delphi's move could eventually work out to be a good thing for its former parent.
He believes the United Auto Workers be more willing to deal with GM on the cost savings it is seeking to avoid the risk to more members and retirees. And he said that GM estimates it is paying $2 billion a year in above-market pricing when it buys parts from Delphi.
"A billion here and a billion here adds up," he said. "In the long run a restructured Delphi could supply GM with parts at lower prices."
GM Chairman and CEO Rick Wagoner has said repeatedly this year that the automaker needs to negotiate lower health-care costs for active and retired union members and their families, but has so far not won an agreement in negotiations.
GM spokesman Jerry Dubrowski said the company is not commenting on Tadross' note to clients or its own view of the risk of a GM bankruptcy in light of the Delphi filing.
In its statement Saturday evening, GM said it was too soon to specifically assess the impact of the Delphi filing on its own finances, adding it "expects no immediate effect on its global automotive operations." It said it could potentially face anywhere from zero to $11 billion in contract obligations from Delphi's filing.
Wagoner dodged commenting on the risk of bankruptcy in prepared comments in June when he discussed financial problems facing the automaker.
"What happens if we can't reach agreement with the United Auto Workers on [retiree health-care costs] promptly? Well, I don't believe that it serves a useful purpose to speculate on that," he said at that time.
"Let me just emphasize that our very strongly preferred approach is to do this in cooperation with the UAW, because we're convinced that is the best way for our employees, our stockholders, all our constituents."
http://money.cnn.com/2005/10/10/news/fortune500/gm_outlook/index.htm
للشباب الي مافهمو الموضوع
القصة ان GM كانت تمتلك Delphi , وانفصلت Delphi عن GM في 1999 وتعهدت GM ان تدفع رواتب الموظفين والمستحقات المالية الاخرى اذا اعلنت Delpgi افلاسها
والان اعلنت Delphi افلاسها وهذا يعني ان توفي GM بوعدها ودفع 11 بليون (B$) وهذا يهددها بالافلاس
وهذا من CNN العربية
إفلاس أكبر شركة أمريكية لتوريد السيارات
1300 (GMT+04:00) - 11/10/05
مقر شركة ديلفي لتوريد السيارات
ميتشغان، الولايات المتحدة (CNN) -- قامت شركة ديلفي كورب، التي تعد أكبر شركة أمريكية لتوريد السيارات، برفع دعوى إفلاس السبت، الأمر الذي تسبب في واحداً من أكبر عمليات الإفلاس في تاريخ الولايات المتحدة.
وأثار الإعلان عن دعوى الإفلاس صدمة في أوساط صناعة السيارات في أمريكا، وهي الصناعة التي تعاني من الضعف نتيجة لتكاليف العمالة العالية وانخفاض حصة السوق.
ويواجه عمال الشركة، والبالغ عددهم 50 ألفاً، مصير مظلماً نظراً لأنهم يعجزون عن القيام بأي شيء في هذا المجال، نقلاً عن وكالة الأسوشيتد برس.
وكانت ديلفي قد تقدمت بدعوى إشهار الإفلاس بموجب الفصل 11 من قانون الإفلاس في المحكمة الاتحادية بميتشغان بهدف إعادة تنظيم عملياتها في الولايات المتحدة.
وسمح القاضي للشركة بمواصلة عملها، فيما حددت موعداً لجلسة الاستماع في وقت لاحق من الأسبوع، ولن تتأثر عمليات الشركة خارج الأراضي الأمريكية بدعوى الإفلاس، ما يعني أنها ستواصل عملها.
وهدد المدير العام لشركة ديلفي، روبرت ميلر، بأنه إذا لم يتمكن من التوصل إلى اتفاقية إعادة هيكلة مع شركة جنرال موتورز ونقابة عمال صناعة السيارات، التي يمثل عمال الشركة البالغ عددهم قرابة 24 ألفاً، فإنه سيقود الشركة إلى الإفلاس.
وقالت نقابة صناعة السيارات عن هذه الخطوة "مرة أخرى، ها نحن نرى عرضاً مثيراً للاشمئزاز لأناس في القمة يهتمون بأنفسهم، ويطالبون في الوقت نفسه العمال والمهندسين والإداريين وغيرهم بتقديم تضحيات غير عادية."
وكانت الشركة قد طالبت بإجراء خفض في الأجور بنسبة 50 في المائة، وفقاً للرسائل التي كشف عنها زعماء نقابة العمال، بحيث تخفض أجور عمال المياومة من 27 مليونا إلى ما بين 10-12 مليون دولار.
http://arabic.cnn.com/2005/business/10/9/us_delphi_bankruptcy/index.html
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منقول من سوالف من الأخ Eclipse
و انا يا شباب اتمنى ان يكون النقاش جدي و عقلاني و ما ابي هواش :rolleyes:
و أخيراً انا اقتراحي لشركة GM ان تبيع العفش لشركة Ford بقيمة الرواتب عشان نحط مكينة الـ 5.0 CAMMER اللي بـ 400 حصام دام انها بدون بوشرات و كاماتها بروسها :D
5.0L "CAMMER" MODULAR CRATE ENGINE ASSEMBLY
<<<<<<<<<<<<<<<<<<<<<< ذبحوه :D
