We begin to talk even with the RepublicansA serve with fungi and the whites of leeksAnd many service activities are now the industryMost of them refuse to speak on the subjectWhat give ideas to the giants of the garmentHe was in Toulouse Saturday salle Nougaro 05Today it is the level of education that is determinativeIn Spain the shadow is a cultural phenomenonThe interest is double to the British authoritiesLike Vegeticals which targets the antiaging productsThe potential use of Chapter 11 is more taboo, even though it is far from certain. In the wake of the announcement of its abyssal loss for 2008, the CEO of General Motors (GM), Rick Wagoner, met yesterday in Washington, D.c. members of the "task force" charged with the restructuring of the U.S. automotive sector. Although several Democrats elected officials continue to reject the spectrum of Chapter 11, no doubt that the impressive deterioration of the financial situation of Detroit constructor reinforces now the possibility of recourse to the procedure. Without obtaining a new loan of $ 2 billion emergency before 31 March, GM itself considers that it would be the only option.
Doomsday scenario
"The members of the"task force"have made it very clear that chapter 11 is not their goal", said the Michigan Democrat Senator, Carl Levin, at the end of a meeting with Steven Rattner, the expert witness called to the bedside of the automotive industry by the Government. Printing apparently supported by the profession of faith of Barack Obama his speech to the Congress of February 24: "the nation that invented the automobile cannot leave it down." But the fact that GM and Chrysler have claimed even additional assistance of $ 21.6 billion, on 17 February, in addition to the already insured 17.4 billion so far, is likely to seriously consider members of the "task force" co-led by the Treasury Secretary, Timothy Geithner, and the Barack Obama economic advisor, Lawrence Summers.
Until 31 March, date of the final examination of the plans for the restructuring of the manufacturers concerned with public aid, the entourage of Barack Obama does no hypothesis. Sign the bankruptcy scenario is more fully excluded: GM and Chrysler have been asked to provide themselves an estimate of the financial cost of an action chapter 11 to ensure their restructuring. By estimating the invoice at 100 billion dollars for the community, the group chaired by Rick Wagoner persists in that chapter 11 for the taxpayer cost would be far superior to that of the requested temporary aid, not to mention the legal uncertainty about the potential use. "Chapter 11 would be the kiss of death for GM: it would not survive", assured Rick Wagoner's show in Detroit in January.
Only practicable route
But other experts, such as those of the "think tank" conservative American Enterprise Institute (AEI) or centre Stern on Finance from the University of New York, believe that chapter 11 is now the only way practicable for a restructuring in depth of the "big three" of Detroit. For Thomas Philippon of the New York University (NYU) School of finance, taking into account the pace at which General Motors burning now its liquidity, "a relay loan is essentially wasting taxpayer money", the only solution is the use of a procedure with a mass of creditors loan ("debtor in possession") to avoid a liquidation.
One of the keys of the arbitration will result from the outcome of the negotiations with the UAW Union and debt bond holders which number two global automotive proposes to leave $ 18 billion of debts (about 27 billion).
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