General Motors Chapter 11 reorganization

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The General Motors Chapter 11 reorganization was partially implemented through a section 363 Chapter 11 bankruptcy of automobile manufacturer General Motors and some of its subsidiaries in the United States Bankruptcy Court for the Southern District of New York. The United States government-endorsed bankruptcy plan enabled the Vehicle Acquisition Holdings, LLC ("New GM") to purchase the continuing operational assets of the old GM.[1][2][3] Normal operations, including employees compensation, warranties, and other customer service were uninterrupted during the bankruptcy proceedings.[1] Operations outside of the United States were not included in the court filing.[1]

The company received debtor in possession financing to complete the process. GM filed for Chapter 11 Bankruptcy protection in the Manhattan New York federal bankruptcy court on June 1, 2009 at approximately 8:00 am EST. June 1 2009 was the deadline to supply an acceptable viability plan to the U.S. Treasury. The petition is the largest bankruptcy filing of a U.S. industrial company. The filing reported US$82.29 billion in assets and US$172.81 billion in debt.[4][5] [6][7][8]

After the Chapter 11 filing, effective Monday, June 8, 2009, GM was removed from the Dow Jones Industrial Average and replaced by Cisco Systems. From Tuesday 2 June, GM stock has traded Over the Counter (Pink Sheets/OTCBB) under the symbol GMGMQ.[9]

On July 10, 2009, a new entity completed the purchase of continuing operations, assets and trademarks of GM as a part of the 'pre-packaged' Chapter 11 reorganization.[10][11] As ranked by total assets, GM's reorganization marks one of the largest corporate Chapter 11 reorganizations in U.S. history. The bankruptcy was the fourth-largest in U.S. history, following Lehman Brothers Holdings Inc., Washington Mutual and WorldCom Inc.[12] Under section 363, a new entity with the backing of the United States Treasury was formed to acquire profitable assets, with the new company planning to issue an initial public offering (IPO) of stock in 2010.[13] The remaining pre-petition creditors claims are paid from the former corporation's assets.[13][10]

Contents

[edit] Background

Main articles: History of General Motors and Automotive industry crisis of 2008-2009

General Motors was financially vulnerable before the automotive industry crisis of 2008-2009. It came close to insolvency and bankruptcy after falling sales caused a US$4.45 billion loss in 1991.[citation needed] Cost-cutting and management changes restored profitability for the next 10 years.[citation needed] In 2005 the company posted a loss of US$10.6 billion.[14] In 2006, its attempts to obtain U.S. government financing to support its pension liabilities and also to form commercial alliances with Nissan and Renault failed. For fiscal year 2007, GM's losses for the year were US$38.7 billion,[15] and sales for the following year dropped by 45%.[16]

On November 7, 2008 General Motors reported it had projected it would run out of cash around mid-2009 without a combination of government funding, a merger, or sales of assets.[17] Ten days later General Motors representatives, along with executives from Ford and Chrysler testified about their need for financial aid at a Congressional hearing in Washington D.C. All three companies were unsuccessful in their attempts to obtain legislation to authorize U.S. government aid, and were invited to draft a new action plan for the sustainability of the industry.[18] On December 2, 2008, General Motors submitted its "Restructuring Plan for Long-Term Viability" to the Senate Banking Committee and House of Representatives Financial Services Committee.[19] On March 30, 2009 President Barack Obama declined to provide financial aid to General Motors, and requested that General Motors produce credible plans, saying that the company's proposals had avoided tough decisions, and that Chapter 11 bankruptcy appeared the most promising way to reduce its debts, by allowing the courts to compel bondholders and trade unions into settlements.[20] In the government's opinion bondholders and unions had obstructed measures to reduce the company's operating costs.[21]

In April 2009, financial analysts at Bernstein Research attributed the collapse on General Motors' strategy of cutting prices in order to improve sales, instead of cutting its product line, manufacturing capacity and dealer network. As a result every year the company was selling hundreds of thousands cars which quickly appeared on the second-hand market via rental fleets, employee discounts and other means. The Bernstein analysts stated that General Motors was selling vehicles at prices below break-even level, and probably below their marginal costs.[22]

[edit] Pre-bankruptcy re-organization efforts

Efforts to sell General Motors' European operations ran into difficulties, as the corporation was expected to file for bankruptcy by June 1, 2009.[23] United States government officials suggested that, if they were satisfied with the company's plans to restructure, the U.S. government would take at least a 50% equity stake and reserve the right to name board members.[24] On 31 May 2009 news broke that the U.S. would initially likely become the largest shareholder of the reorganized GM following a bankruptcy filing and re-emergence from bankruptcy. The U.S. government would invest up to $50 billion and own 60% of the new GM and the Canadian government would own 12.5%.[25][26]

[edit] U.S. government-backed guarantee of warranties

On March 29, 2009 The U.S Treasury committed to fund a government guarantee of General Motor's warranty liabilities, up to US$ 360.6 million.[27][28] On May 27, 2009, the U.S. Treasury, advanced a secured loan of US$ 360.6 million to GM, and GM issued a note to the Treasury for US$ 360.6 million, plus US$ 24.1 million as additional compensation for the warranty advance, pursuant to the terms of the Warranty Agreement dated December 31, 2008 between GM and the U.S. Treasury. The loan funded a separate account established by GM Warranty LLC, a new special purpose subsidiary of GM that was formed to operate the warranty program. GM also on May 29, 2009 contributed $49.2 million TO GM Warranty LLC to fund the program.[29][30]

[edit] Sale of Opel and Vauxhall

On 30 May 2009, it was announced that a deal had been reached to transfer New GM Europe (Opel plus Vauxhall, minus Saab)[31] assets to a separate company majority-owned by a consortium led by Sberbank of Russia (35%), Magna International of Canada (20%), and Opel employees and car dealers (10%). GM is expected to keep a 35% minority stake in the new company.[32][33]

[edit] Bankruptcy

 Please help improve this section about the bankruptcy itself by expanding it. Further information might be found on the talk page. (June 2009)

[edit] Filing

Search Wikinews Wikinews has coverage of the speech and press conference:

On the morning of 1 June 2009, Chevrolet-Saturn of Harlem, a dealership in Manhattan that is owned by GM itself, filed for bankruptcy protection there, followed in the same court by General Motors Corporation (the main GM in Detroit), GM's subsidiary Saturn LLC, and Saturn LLC's subsidiary Saturn Distribution Corporation. All cases were assigned to Judge Robert Gerber.[34]

The filing by the dealership declared General Motors to be a debtor in possession.[35] The dealership's filing allowed General Motors to file its own bankruptcy petition in the Southern District court of Manhattan, New York, its preferred court. Normally for such cases, the company would have filed in the courts located in the state(s) where the company is incorporated, or where it conducts operations, which for Detroit-headquartered General Motors would have been the courts in Michigan or Delaware, where it is incorporated. General Motors' attorneys, however, preferred to file in the federal courts in New York, because those courts have a reputation for expertise in bankruptcy.[36] In a press conference that began four hours and 18 minutes after the filing, the GM Chief Executive Officer, Fritz Henderson, stressed that he intended for the bankruptcy process to move quickly.[37] In addition to Mr Henderson's press conference, President of the United States Barack Obama made a speech from the White House four hours 3 minutes after the court filing.[38]

[edit] Court schedule and motions

The General Motors bankruptcy case is formally entitled "In re General Motors Corp.", and is case number 09-50026 in the Southern District, Manhattan, New York.[39] General Motors is represented by the New York specialist law firm Weil, Gotshal & Manges. The United States Treasury and an ad hoc group of the bondholders of General Motors Corporation are also represented in court.[40]

One of the first motions filed in court was one to void the leases on the seven corporate jets, and corporate aircraft hanger at Detroit Metropolitan Wayne County Airport, for being no longer valuable to the company's business — a lease that the company had, according to its spokesman, found itself unable to escape in 2008 when it had tried to.[39]

On June 1, 2009, the court gave interim approval to GM's request to borrow US$ 15 billion as debtor-in-possession funding, the company only having US$ 2 billion cash in hand. The United States Treasury argued in court that it was the only source of such debtor in possession funding, and that without the money from the loan General Motors would have no option but liquidation. Other motions in the first-day hearing included motions to approve payments to key suppliers and to employees and distributors who are in possession of goods manufactured for General Motors. All motions passed in court without substantial objection.[40][41]

The case schedule laid out by the court is as follows:

  • 2009-06-19: Deadline for filing all objections to the sale of General Motors.[41]
  • 2009-06-22: Deadline for making competing bids in the auction of General Motors' assets.[41]
  • 2009-06-25: Final hearing on the bankruptcy loan.[41]
  • 2009-07-10: Deadline for completion of the sale, requested by the U.S. Treasury and General Motors.[40][41]

[edit] Planned sale

The plan for General Motors' bankruptcy is to auction off the company's assets in a section 363 sale.[1][2][3][40][42] Because the price that these assets are expected to sell for is very high, there is expected to be only one bidder in the auction, a new company Vehicle Acquisition Holdings LLC. This company is formed by the United States government with a 60% stake, the federal government of Canada and provincial government of Ontario with a 12% stake, the United and Canadian Auto Workers unions[43] with a 17.5% stake, and the unsecured bondholders of General Motors with a 10% stake.[40] The selling company is called Motors Liquidation Company (see below).[44]

A creditor meeting, at the New York Hilton Hotel, held by the United States Trustee Program, was scheduled for June 3, 2009.[41]

[edit] Sale of Hummer

On June 1, 2009, GM announced that the Hummer brand would be discontinued. The following day GM announced that it had reached a deal to sell the brand to an undisclosed buyer.[45] Later, on June 2, 2009 the buyer of was disclosed to be China-based Sichuan Tengzhong Heavy Industrial Machinery Company Ltd.[46][47][48] Sichuan Tengzhong itself confirmed the deal on their website the same day.[49] The proposed transaction is scheduled to close in the third quarter of 2009, subject to customary closing conditions and regulatory approvals; financial terms of the agreement were not disclosed.[49] Credit Suisse is acting as exclusive financial advisor and Shearman & Sterling is acting as international legal counsel to Tengzhong on this transaction. Citi is acting as financial advisor to GM.[49]

[edit] Sale of Saturn

On June 5, 2009, GM announced that the Saturn brand would be sold to the Penske Automotive Group. [50] Penske is a Fortune 500 American company operated by Indy 500 racing legend Roger Penske. GM will continue to build the Aura, Outlook and Vue for Penske for two years.

[edit] Sale of Saab

On June 16th, 2009, it was announced that Koenigsegg and a group of Norwegian investors plan to acquire the Saab brand from General Motors. GM will continue to supply architecture and powertrain technology for an unspecified amount of time.[51] It also becomes the last brand/subsidiary from GM to be sold (Hummer was first, followed by Saturn).

[edit] Sale of most assets to New GM

On July 10, 2009, NGMCO Inc. purchased most of the assets of "old GM".[52] NGMCO Inc. then changed its name to General Motors Company, becoming the "new GM" and marking the emergence of General Motors from bankruptcy.[53][44][10]

[edit] Motors Liquidation Company

General Motors Corporation, upon sale of its major assets, trademarks and intellectual property on July 10, 2009, pursuant to the provisions of section 363 of the Bankruptcy Code, was renamed as Motors Liquidation Company. [54] It continued its bankrupcty court procedings which ultimately lead to settling liabiity claims.[55][54] Motors Liquidation Company announced on July 10, 2009 in relation to its equity and debt investors:[54]

Management continues to remind investors of its strong belief that there will be no value for the common stockholders in the bankruptcy liquidation process, even under the most optimistic of scenarios. Stockholders of a company in chapter 11 generally receive value only if all claims of the company's secured and unsecured creditors are fully satisfied. In this case, management strongly believes all such claims will not be fully satisfied, leading to its conclusion that the common stock will have no value.

None of the publicly owned stocks or bonds issued by the former General Motors Corporation (now renamed "Motors Liquidation Company"), including its common stock formerly traded on the New York Stock Exchange under the ticker symbol "GM", are or will become securities of General Motors Company (the "new GM"), which is an independent separate company. All of these securities relate to Motors Liquidation Company, and will be treated in accordance with the provisions of the U.S. Bankruptcy Code and the rulings of the Bankruptcy court.

[edit] New General Motors

Main article: General Motors Company

The new General Motors is a new corporation that is separate and independent of the old General Motors. The new company bought assets and the trademark "General Motors" from the old company. To avoid confusion and to preserve continuity, the article about the new General Motors is a continuation of the old General Motors article.

[edit] References

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