Miljardensteun voor de US autoindustrie komt er WEL

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Sector Snap: GM, Ford decline as rescue hopes dim
December 11, 2008 1:51 PM ET

Associated PressAll Associated Press news

NEW YORK (AP) - Shares of General Motors Corp. and Ford Motor Co. declined on Thursday as the $14 billion auto industry rescue package stalled amid stiffening Republican opposition in the Senate.

GM shares sank 38 cents, or 8.3 percent, to $4.22 in afternoon trading. Ford shares gave up 17 cents, or 5.2 percent, to $3.08.

Senate Republican Leader Mitch McConnell came out against the rescue package on Thursday, saying it "isn't nearly tough enough."

McConnell said the legislation doesn't demand enough pay and benefit concessions from autoworkers, and called for a different bill to be drafted. That idea seemed unlikely to gain traction from Democrats, who count labor unions as a key constituency.

The latest hurdle comes just a day after the House of Representatives passed its version of a rescue package after hammering out a compromise with the White House. The Bush Administration is insisting that the economy cannot sustain the layoffs that would result from a failure to pass an auto rescue bill.

U.S.-traded shares of Asian automakers advanced on Thursday. Shares of Honda Motor Co. jumped $1.45, or 6.6 percent, to $23.58. Toyota Motor Corp. rose $1.74, or 2.7 percent, to $65.14. Nissan Motor Co. gained 9 cents to $7.48.

© 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Auto's wachten op een koper in de Amerikaanse staat Californië. Foto AP
'Geen steun voor auto-industrie VS'
Gepubliceerd: 11 december 2008 21:09 | Gewijzigd: 11 december 2008 21:42
Door een onzer redacteuren
Rotterdam, 11 dec. Het plan om een fonds van 14 miljard dollar in te stellen om de Amerikaanse auto-industrie te helpen lijkt steeds kanslozer, nu de Republikeinen het voorstel waarschijnlijk niet zullen steunen.

Republikeins leider in de Senaat Mitch McConnell heeft zich tegen het plan uitgesproken. McConnell vindt dit voorstel van heel andere orde dan de 700 miljard die Bush in oktober uittrok om de economie er weer bovenop te helpen.

Volgens de Republikein is het onduidelijk welke industrieën of particulieren er dan nog meer hulp verdienen. ,,Veel Amerikanen vragen zich af wanneer de dag komt dat hun hachje gered wordt", zei McConnell tegen de New York Times.

Het Witte Huis heeft de Republikeinse partij aangespoord om toch het plan te steunen - de invloed van scheidend president Bush is echter steeds kleiner aan het worden en maakt nauwelijks indruk meer.

Het Amerikaanse Huis van Afgevaardigden heeft gisteren ingestemd met een reddingsplan voor de drie grote Amerikaanse autofabrikanten.

Daarmee moet het omvallen van twee van ’s werelds grootste autofabrikanten voorkomen worden, evenals het faillissement van duizenden aanverwante bedrijven en ontslagrondes die volgens de autosector zelf een op de tien Amerikanen met een baan zou treffen en een catastrofaal effect op de Amerikaanse economie zou hebben.

Ook op Wall Street viel onzekerheid over het plan te merken. Beleggers vrezen dat een bankroet in de autosector een schokgolf zal veroorzaken door de gehele economie. In afwachting van de uitkomst in de Senaat stond General Motors op de beurs 10,6 procent lager en verloor Ford 8,6 procent.

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Auto bailout bill dies in Senate

(CNN) -- Senate Democrats and the White House failed to find 60 votes to end debate on a $14 billion auto bailout bill and bring it to a vote Thursday night, killing the measure for the year.
Sen. Tom Coburn, center, and other Republican senators raised objections to the auto bailout plan Wednesday.

Sen. Tom Coburn, center, and other Republican senators raised objections to the auto bailout plan Wednesday.

The 52-35 vote followed the collapse of negotiations between Senate Democrats and Republicans seeking a compromise.

"We have worked and worked and we can spend all night tonight, tomorrow, Saturday, and Sunday, and we're not going to get to the finish line," Senate Majority Leader Harry Reid said on the Senate floor before the vote. "That's just the way it is. There's too much difference between the two sides."

Reid acknowledged the bill would not survive the procedural vote.

Senate Minority Leader Mitch McConnell said the sticking point was the United Auto Workers' refusal to set a "date certain" to put employees at U.S. auto manufacturers at "parity pay" with U.S. employees at foreign automakers in the United States.

Currently, analysts estimate the union workers at U.S. automakers make about $3 to $4 per hour more than the non-union U.S. employees of foreign automakers like Toyota and Honda, according to the Center for Automotive Research.

The House easily passed the bailout bill earlier this week, but it quickly ran into trouble in the Senate, where Republicans objected to several provisions. Negotiations Thursday involved a compromise proposal put forward by Sen. Bob Corker, R-Tennessee, but the senators could not reach agreement.
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The struggling automakers may get some money anyway.

As part of their effort to urge skeptical Republicans to back the deal, Bush officials made clear that if Congress didn't act, the White House would have to step in to save Detroit from collapse with funds from the Troubled Asset Relief Program, according to the sources familiar with the conversations.

One of the sources said that a White House official made it clear to a GOP senator that would be the worst option, because the loan could go to the auto companies with few or no requirements along with it.

The sources asked not to be named because of the sensitivity of private conversations.

Democrats pressed the White House from the start to help Detroit by using some of the $700 billion for the financial sector, but the White House and Treasury Secretary Henry Paulson refused.

"I would only hope that the president, who has worked so well with us for the past several weeks, would now consider using the TARP money," Reid said after Thursday night's vote.

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IF NO AID APPROVED THIS MONTH

GM would fall into the most immediate danger of the U.S.-based auto makers if Congress fails to approve an aid package, followed by Chrysler and Ford Motor.

GM and Chrysler have said they could be forced into bankruptcy within weeks if they do not obtain federal funding and Ford has sought a line of credit as insurance against a worsening downturn or a failure of one of its rivals.

With cash dwindling, GM could try to buy time by asking for forbearance from its trade creditors who would be expected to demand expedited payment.

GM, which has already delayed two weeks of incentive payments to dealers into January, could also seek to delay other kinds of payments like salaries.

GM may also try to tap other sources of liquidity, potentially using unencumbered assets overseas to raise new secured lending overseas.

But this would certainly be at punitive rates and new borrowing would complicate the swap of debt for equity fundamental to its restructuring.

A bankruptcy filing would be a last resort for GM, but would be an option, especially if the board of directors concludes that the automaker needs to make a break from Chief Executive Rick Wagoner's policies.

Still, the government likely would be forced to support GM through debtor-in-possession financing.

With more than half of GM's suppliers also tied to Chrysler and Ford, Chrysler could be quickly forced to follow GM into bankruptcy, which could trigger a liquidity crisis at Ford.