Big 3 Auto Makers Seek $34 Billion Bailout
通用汽车(General Motors)、克莱斯勒(Chrysler LLC)和福特汽车(Ford Motor)周二向国会提交了扭亏为盈计划，这些计划显示除非通用汽车和克莱斯勒能从政府获得数十亿美元紧急贷款，否则两公司可能支撑不到本月底。
Detroit's Big Three auto makers presented turnaround plans to Congress on Tuesday that indicate both General Motors Corp. and Chrysler LLC could collapse by the end of the month unless they get billions of dollars in emergency loans from the government.
通用汽车在要求政府救助的最新申请中表示，该公司需要立即获得40亿美元注资才能将业务维持到年底，这一点它此前并未披露。通用汽车表示它总共需要180亿美元贷款，比它两周前所说的多出了60亿美元。
As part of a renewed bid to win backing for a government bailout, GM said it needs an immediate injection of $4 billion to stay afloat until the end of the year, a fact it hadn't before disclosed. In total, the company said it needs $18 billion in loans -- $6 billion more than it said it would need just two weeks ago.
克莱斯勒在其向国会的陈词中要求获得70亿美元贷款，并表示这笔钱需要在12月31日前到位。该公司还想从能源部的一个项目中获得60亿美元资金，以生产燃油利用率更高的汽车。福特汽车希望政府向其提供90亿美元信贷额度，不过表示可能无需动用这笔资金。福特汽车也想从能源部的上述项目获得50亿美元资金。
Chrysler's 14-page summary of its presentation to Congress requests $7 billion, and it said it needs the funds by Dec. 31. Chrysler also wants $6 billion from a Department of Energy program to produce fuel-efficient vehicles. Ford Motor Co. seeks a $9 billion line of credit from the government, though it adds it may not need to tap it. In addition, Ford wants $5 billion from the Energy Department program.
三大汽车公司都表示它们将合并现有业务，加速节油型汽车的生产。通用和福特计划削减自己的品牌数量。
All three makers said they will consolidate operations and accelerate production of higher-mileage vehicles. GM and Ford plan to trim their brands.
据知情人士说，就在这些汽车公司紧急呼救之际，国会议员们已开始向华尔街专家们求助，要他们代为探讨政府如何能在三大汽车公司预先完成大部分融资工作并与债权人制订出其他重组措施的基础上，帮助这些公司迅速享受和脱离破产保护。
The urgent call for help comes as lawmakers have begun reaching out to Wall Street experts to explore how the government could help the companies prepare bankruptcy filings that would take them in and out of Chapter 11 protection quickly, with much of the financing and other restructuring measures worked out with creditors in advance, people familiar with the matter said.
这些人士说，过去几天中，国会的代表已经与银行家和破产专家们会面，讨论了对通用汽车或克莱斯勒实施所谓预先破产的可能性。
In the past several days, congressional representatives have met with bankers and bankruptcy experts to discuss the possibility of a so-called prearranged bankruptcy for either GM or Chrysler, these people said.
这些人表示，讨论中形成的一个想法是，美国政府最多拿出400亿美元来为通用汽车和克莱斯勒的破产重组提供资金。
One idea that emerged from the talks would have the U.S. government put up as much as $40 billion to fund reorganizations under bankruptcy for GM and Chrysler, these people said.
两家公司都表示它们不认为破产是汽车生产商的一项可行选择。它们相信顾客将停止从破产企业购买汽车，而这将迫使这些企业进行清算。
Both companies have said they don't see bankruptcy as a viable option for any auto maker. They believe customers would stop buying cars and the company would be forced to liquidate.
但银行家和其他金融专家对国会议员们说，要想使美国的汽车公司瘦身并生存下去，破产是最佳选择。
But bankers and other financial experts are telling lawmakers that bankruptcy is the best option for creating smaller but viable U.S. car companies.
纽约投行Miller Buckfire & Co.的董事总经理萨维尼(Durc Savini)认为，通用汽车非常适于重组。他说自己最近与三位众、参议员的助手们举行了会谈，探讨了对三大汽车公司中的一家或全部实施破产的事宜。
'I think GM is eminently re-organizable,' said Durc Savini, managing director at Miller Buckfire & Co., a New York investment banking firm that advised on the bankruptcies at auto suppliers Dana Corp. and Dura Automotive Inc. He said he recently talked with staffers for three House and Senate members to discuss a bankruptcy at one or all of the Detroit makers.
萨维尼说，他对这些议员助手们说，破产重组要想获得成功，可能需要政府注入资金，而汽车厂工人、汽车经销商、汽车公司管理层以及这些公司的债务持有人也需要做出让步。通用汽车总裁亨德森(Frederick 'Fritz' Henderson)在与记者举行的电话会议上表示，该公司没有考虑破产，正集中精力从华盛顿获取救助。他说，公司没有B计划。
Mr. Savini said he told the staffers a bankruptcy could work, but would likely require government money and concessions from workers, vendors, management and debtholders. In a conference call with reporters, GM President Frederick 'Fritz' Henderson said bankruptcy is not a viable option and the company is focusing solely on securing help from Washington. 'There is not a Plan B,' he said.
全美汽车工人联合会(UAW)则表示了不同的看法。据知情人士说，UAW的高层人士周二在一个会议上对工人代表们说，如果通用汽车未来几天得不到政府资助，它有可能在圣诞节前申请破产保护。
The United Auto Workers union is expressing a different view. At a meeting Tuesday in Detroit, top UAW officials told worker representatives that GM could be forced into a Chapter 11 filing before Christmas if the company fails to get government funding in coming days, people familiar with the matter said.
就在通用汽车、福特汽车和克莱斯勒提交救助申请的细节之际，汽车业又传出了另一波不利消息：Autodata Inc.的数据显示，美国11月份的新车销售量下降了37%，降至746,789辆。这是几十年来美国的汽车月销量首次低于80万辆。
GM, Ford and Chrysler presented their requests for help as they were hit by another batch of bad news. U.S. new-vehicle sales fell 37% in November to 746,789 cars and light trucks, according to Autodata Inc. It was the first time in decades that monthly sales fell below the 800,000 mark. The closely watched seasonally adjusted annualized sales rate was 10.18 million vehicles, a worse-than-expected drop from October's 10.8 million
汽车制造商估计美国11月份新车销量下滑了大约35%。11月经季节因素调整后折合成年率的销量(SAAR)为1,050万辆，低于10月份的1,080万辆。
通用汽车的销量下滑41%，至154,877辆；福特汽车的销量下滑30.6%，至123,222辆。丰田汽车(Toyota Motor)的销量下滑34%，至130,307辆；本田汽车(Honda Motor)销量下滑31.6%，至76,233辆。
GM's sales fell 41%, Ford's 30% and Chrysler's 47%. Foreign auto makers were hit hard, too. Toyota Motor Corp.'s U.S. sales fell 34% and Honda Motor Co.'s 31%.
美国三大汽车公司上个月请求国会给予其250亿美元的低息贷款，以帮助它们度过这段美国经济的低迷期以及汽车行业几十年来最萧条的阶段。但国会议员们却不能确信底特律三大汽车公司已经有了清晰的扭亏为盈计划，因此告知它们12月2日重返国会听证会时要作更详细的陈述，说明自己打算怎样使用纳税人给予的救助资金，以及打算如何进行重组以使自己能够生存下去。
The Big Three last month appealed to Congress for $25 billion in low-cost loans to carry them through the downturn in the economy and one of the worst auto sales slumps in decades. But lawmakers were unconvinced that the three Detroit makers had clear restructuring plans to return to profitability and told them to come back by Dec. 2 with more details on how they would use taxpayer funds to 'become viable.'
美国众议院议长佩洛西(Nancy Pelosi)说，虽然她希望帮助美国汽车工业，但也暗示说能否帮得成主要取决于对三大汽车公司扭亏计划的评估结果。她说，我们想看到一个对未来的承诺，我们希望看到这些公司改变态度，制定出新的业务模式和新的业务计划。
House Speaker Nancy Pelosi (D., Calif.) said she hoped to help the industry, but suggested much will depend on the assessments made of the industry plans. 'We want to see a commitment to the future,' she said. 'We want to see a restructuring of their approach, that they have a new business model, a new business plan.'
佩洛西说，破产并不是陷入困境汽车制造商的好出路，因为破产重组需要的时间太长。她这一表态可能给美国三大汽车公司带来了希望。参议院多数党领袖里德 (Harry Reid)说，如果民主党人决定推动政府救助美国汽车工业，相关法案最快可能在下周一提出。福特汽车公司在其33页的情况介绍中说，虽然它并不急需联邦救助资金，但希望获得90亿美元的信贷额度，以备本轮衰退如果比预期的更长、程度更深时应急之用。该公司预计自己会在2011年前扭亏为盈，并表示自己将加速开发新型混合动力和电池驱动汽车，减少汽车经销商的数量，并重新调整工厂的设备，以便在美国生产目前能够盈利的小型轿车。
In what could be a boost to Detroit's hopes, Ms. Pelosi said bankruptcy isn't an option for the companies because the reorganization would take too long. Senate Majority Leader Harry Reid (D., Nev.) said that if Democrats decided to proceed with a bailout, legislation could come as soon as Monday. In its 33-page presentation, Ford said it doesn't need federal funds immediately but asked for the $9 billion credit line in case the recession is longer and deeper than expected. It estimated it will break even or return to profitability by 2011 and added it would accelerate the development of hybrid and battery-powered vehicles, cut the number of dealers selling its products, and retool plants to make small cars in the U.S. it can sell profitably.
福特汽车公司首席执行长穆拉利(Alan Mulally)在乘坐福特Escape混合动力车前往华盛顿途中接受采访时暗示，UAW可能也需要做出让步，以帮助美国三大汽车公司恢复生机，并让国会相信值得对这些公司施以援手。他说，为使美国本土的汽车工业保持竞争力，UAW会员当前所签劳动合同的所有内容都应该重新评估。
In a phone interview while riding in a Ford Escape hybrid to Washington, where the chief executives of the three Detroit makers will testify starting Thursday, Ford CEO Alan Mulally suggested the UAW may have to make concessions to help the companies recover and persuade Congress to approve aid. 'All of the elements' of the UAW labor contract should be re-examined to keep the U.S. auto industry competitive, he said.
福特汽车的状况大体上强于通用汽车，因为该公司在2006年将自己几乎所有的资产都抵押了出去，因此早在信贷市场收紧之前就筹集了180亿美元资金。
Ford appears to be in better shape than GM and Chrysler in large part because it mortgaged almost all of its assets in 2006, a move that raised $24.5 billion long before credit markets tightened.
由私人资本运营公司Cerberus Capital Management LP控股的克莱斯勒在提交给国会的文件中说，预计到年底时其手中的现金将只有25亿美元，并说在明年1月1日至3月31日期间，它在购买零部件、支付工资和其他成本方面的支出将达116亿美元。该公司希望获得70亿美元过渡性贷款，以确保公司能够具有长期生存能力。
In the document it submitted to Congress, Chrysler, controlled by private-equity firm Cerberus Capital Management LP, said it is on track to end the year with just $2.5 billion in cash on hand, and said it is due to pay out $11.6 billion for parts, wages, and other costs between Jan. 1 and March 31 next year. It seeks a 'bridge loan' of $7 billion to 'ensure the long-term viability of the company.'
通用汽车总裁亨德森在周二的电话会议上说，该公司正在寻求获得120亿美元贷款外加60亿美元信贷额度。
In GM's conference call Tuesday, Mr. Henderson said GM is seeking $12 billion in loans and an additional credit line of $6 billion.
作为回报，通用汽车愿意给予纳税人购买该公司股票的认股权证，让纳税人在该公司债权人排序中处于优先位置，并承诺会在2012年左右向纳税人偿还贷款。他表示，通用汽车相信自己的北美业务能在2012年前达到盈亏平衡。
In return, GM would be open to giving taxpayers warrants for company stock, a senior position among its creditors, and a promise to pay the money back around 2012. Mr. Henderson said GM believes its North American operations can break even by that year.
通用汽车计划从本周开始与持有其债券的人和UAW展开谈判，以图将自己的债务负担削减300亿美元，即一半左右。它提出的建议将包括允许其债券的投资者将债券转换为该公司股票，并重组该公司欠UAW一个医疗保健信托基金的债务，该基金按计划将从2010年起向通用汽车的退休员工支付福利金。
GM plans to begin discussions this week with bondholders and the UAW in an attempt to cut its debt by $30 billion, or by about half. It will ask investors to swap debt for equity, and aim to restructure GM's obligations to a UAW health-care trust set to begin paying retiree benefits in 2010.
亨德森承认，这一重组公司资产负债表的努力实际上就是一次法庭外破产重组。通用汽车对国会表示，为了实现业务瘦身，该公司计划出售其萨博(SAAB)分部，有可能将其Saturn品牌出售或合并，并将其车型从目前的60种缩减为40种。
The attempt to revamp GM's balance sheet is essentially an out-of-court bankruptcy reorganization, Mr. Henderson conceded. To slim down its operations, GM told Congress it is looking at selling its Saab division, could also sell its Saturn brand, and may trim its vehicle lineup to about 40 models from 60.
CSM Worldwide的汽车业分析师华尔(Mike Wall)说，尽管通用汽车急需资金，但这家世界最大汽车生产商仍然是一个有生存能力的公司。他说，该公司确实有良好的全球业务，能够源源不断地推出新产品，并且不断有新技术推向市场。
Mike Wall, an auto industry analyst at CSM Worldwide, said that despite the apparent dire need for cash at GM, the world's largest auto maker remains a viable concern. 'They do have a good global operation. They have a pipeline for new product that's coming out. They have new technologies coming to the market,' Mr. Wall said of GM.
John D. Stoll / Matthew Dolan / Jeffrey McCracken / Josh Mitchell
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