GM To Offer Two Choices: Bankruptcy Or More Aid
该让通用汽车破产还是继续输血？
General Motors Corp., nearing a federally imposed deadline to present a restructuring plan, will offer the government two costly alternatives: commit billions more in bailout money to fund the company's operations, or provide financial backing as part of a bankruptcy filing, said people familiar with GM's thinking.
美国联邦政府要求通用汽车(General Motors Corp.)拿出重组计划的最后期限已近在眼前，据某些了解通用汽车想法的知情者透露，公司将把两个昂贵的选项摆在政府面前：要么承诺追加数十亿的援助资金以维系公司经营，要么作为破产申请内容的一部分向通用汽车提供金融支持。
The competing choices, which highlight GM's rapidly deteriorating operations, present a dilemma for Congress and the Obama administration. If they refuse to provide additional aid to GM on top of the $13.4 billion already committed they risk seeing an industrial icon fall into bankruptcy.
这两个选项突显出通用汽车迅速恶化的经营状况，也让国会和奥巴马政府左右为难。如果他们拒绝在早已承诺的134亿美元救助资金基础上追加援助，那就要冒上眼见汽车业标志性企业轰然倒下的风险。
Some experts and members of Congress say bankruptcy reorganization is the surest way for GM to cut costs and become viable. But it could be a politically unpalatable development during a recession that already has thrown millions of workers out of jobs.
一些专家和国会议员称，破产重组是让通用汽车削减成本、恢复生机的最可靠途径。但在经济衰退已经导致数百万人失业的情况下，此举会在政治上酿成苦果。
Treasury Department officials believe GM needs at least $5 billion more in U.S. loans to keep operating beyond the first quarter, said people familiar with the situation.
据知情人士称，美国财政部(Treasury Department)认为，至少还要向通用汽车提供50亿美元才能让该公司撑过第一季度。
The call for additional funds will be a key part of the revitalization plan GM is required to file with the Treasury by Tuesday, though it is unclear whether GM will furnish a dollar amount, said people familiar with the matter. The plan is supposed to describe how the company will become self-sustaining and better compete with foreign rivals.
知情人士称，在通用汽车定于周二提交给财政部的复兴计划中，重头戏肯定是索要更多的资金援助，但并不清楚公司是否会给出具体的数字。通用汽车应该在这份计划书中阐述公司将如何自谋出路、加强与外国同行的竞争力。
But it's increasingly unlikely GM will have a finished plan in time. Negotiations with GM's unions and bondholders haven't yet produced commitments to concrete concessions as required by terms of the federal loans; talks are expected to continue over the holiday weekend. People involved in the talks say progress has been slowed by the fact the Obama administration has yet to appoint a 'car czar,' as envisioned by the bailout program.
但目前来看，公司如期拿出一份完整计划的可能性越来越小。通用汽车与工会和债券持有人的谈判仍未达成联邦贷款条件所要求的重大让步承诺，谈判将在这个假期周末继续进行。据参与谈判的人士透露，鉴于奥巴马政府仍未按照援助计划任命一位负责监管汽车行业的“汽车沙皇”，谈判一直进展缓慢。
GM will argue it needs the additional government funds to stay out of bankruptcy court, people familiar with the matter said. At the same time, the company -- which previously had dismissed suggestions that it might need to file for bankruptcy -- has moved closer to such a prospect.
知情人士透露，通用汽车将辩说自己需要更多政府资金以避免破产。而与此同时，之前一度否认将提交破产申请的该公司已经在一步步走向破产境地。
GM believes government funds would be needed for debtor-in-possession financing should the company seek bankruptcy because such money wouldn't be available from private sources, said people familiar with the situation.
知情人士说，通用汽车认为，若公司寻求破产，将无法通过私营领域的资源进行债务人持有破产资产(Debtor-in-Possession)融资，这就需要政府提供资金。
The auto maker eventually may seek permission to extend the March 31 deadline to complete certain restructuring actions by at least several months.
该公司最终可能会申请将完成特定重组的最后期限（3月31日）延后至少几个月。
Rick Wagoner, GM's chairman and chief executive, once fiercely opposed a bankruptcy filing, saying it would scare off customers. But his opinion has softened, and he has been influential in shaping the plan for a possible filing, said people involved in the strategy.
通用汽车董事长兼首席执行长瓦格纳(Rick Wagoner)此前曾坚决反对破产，称此举会造成消费者的恐慌。据知情人士称，他的态度已有所软化，并已在着手推动可能的破产保护计划。
GM declined to comment.
通用汽车方面拒绝对此置评。
GM's board began more seriously considering bankruptcy in November as the company's liquidity headed toward unsustainable levels. In early December, at the board's prompting, Mr. Wagoner hired bankruptcy lawyers and advisers to begin preparing a contingency plan, said people familiar with the matter.
知情人士称，当通用汽车的流动性在去年11月渐显难以为继之势时，公司董事会便开始更认真地考虑是否要申请破产。12月初，瓦格纳在董事会的敦促下聘请了破产律师和顾问，为应急计划作准备。
In the months that followed, these bankruptcy experts worked alongside advisers Evercore Partners and Morgan Stanley, both of which previously worked for GM, to develop multiple options for GM's future.
随后的几个月，破产事务专家与之前曾为通用汽车服务的咨询机构Evercore Partners及摩根士丹利(Morgan Stanley)联手合作，为通用汽车的前途制定了多套方案。
One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. brands and international operations, into a new company. The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked.
方案之一涉及到破产申请，把通用汽车所有能维持下去的资产（包括部分美国品牌和国际业务）整合到一家新公司。不良资产则会在破产法院的保护下被清算或出售。公司与债券持有者、工会、经销商和供应商之间的合约也会被重新协商制定。
GM received a tax break of around $3 billion as part of President Obama's economic stimulus plan. The break saves GM from having to pay taxes associated with its bailout.
通用汽车曾经从奥巴马政府的经济刺激计划中获得了约30亿美元的减税。它因此可以免缴与公司救助有关的课税。
Chrysler LLC is also due to file a viability plan Tuesday. The company is expected to submit two scenarios, one spelling out how it can restructure as an independent company and the other taking into account its tentative alliance with Fiat SpA, people familiar with the matter said.
克莱斯勒(Chrysler LLC)也需要在周二提交一份 兴计划。知情人士说，预计该公司将提出两种选择，一种是如何作为一家独立企业进行重组，另一种则涉及到与菲亚特公司(Fiat SpA)的暂定合作。
Chrysler was given $4 billion in U.S. loans after nearly running out of money. The company is looking to Fiat to provide technology for small and midsize cars that Chrysler would build and sell under its own brands. In exchange, the Italian company would take a 35% Chrysler stake.
克莱斯勒在资金消耗殆尽后，收到了40亿美元的美国政府贷款。眼下公司正努力争取从菲亚特获得中小型汽车的技术，克莱斯勒将以自己的品牌生产销售这类汽车。作为交换条件，意大利公司菲亚特将取得克莱斯勒35%的股份。
Other stakes in Chrysler could be parceled out to compensate the UAW and debt holders for cost concessions, leaving majority owner Cerberus Capital Management LP with a dramatically diminished holding, people familiar with the matter said. Cerberus now owns 80.1% of Chrysler, and Daimler AG 19.9%.
知情人士说，克莱斯勒的其他股份可能会分配出去，补偿全美汽车工人联合会(UAW)和债权人在成本上作出的让步，使得多数股权持有者Cerberus Capital Management LP的持股大幅减少。Cerberus现在持有克莱斯勒80.1%的股份，戴姆勒(Daimler AG)持有克莱斯勒19.9%的股份。
But like GM, Chrysler also needs more government help to stay afloat. The company has said it intends to ask for $3 billion in additional loans.
不过与通用汽车一样，克莱斯勒也需要更多的政府救助才能维持运转。公司表示，计划再申请30亿美元的贷款。
For the past few weeks, Chrysler has been urging dealers to order more vehicles to give the company enough revenue to keep going through the end of March. On Friday, executives said in a conference call that it reached its goal of bringing in 78,000 orders for February, said a dealer who participated in the call.
几周来，克莱斯勒一直在敦促经销商增加汽车订购量，让公司有足够的收入维持到3月底。据参加了上周五克莱斯勒电话会议的一位经销商说，公司高管说，已经实现2月份7.8万辆的订单目标。
Chrysler declined to comment on its revamping plan.
克莱斯勒拒绝就重组计划置评。
GM's viability plan will present a restructuring strategy allowing it to be profitable in each of the regions in which it operates globally, people who have seen the plan said. The plan will include broad restructuring targets, including more than 10 plant closures in North America.
知情人士说，通用汽车的计划将提出一项重组战略，让公司在每一个全球化运营的地区盈利。计划将包括广泛的重组目标，包括在北美关闭10多家工厂。
While GM's plan will include updates on talks with unions and bondholders related to concessions, the auto maker is expected to ask for leeway on when it can provide specific details about what cuts the two parties are willing to make.
尽管通用汽车的计划将包括与工会和债券持有者在成本让步方面的最新谈判进展，但预计克莱斯勒会要求，在提供二者成本削减的具体细节上时间能有所宽限。
Negotiations with the United Auto Workers union and a bondholders committee have been slow for several reasons. For one, both expressed frustration over the amount of sacrifice they are being asked to take, compared to other stakeholders such as dealers and even asbestos litigants. And both argued that a car czar is needed to help expedite the talks.
与UAW和债券持有者委员会的谈判一直进展缓慢，原因有几个。首先，与经销商甚至石棉诉讼案原告方等其他利益相关方相比，二者被要求作出的牺牲巨大，它们对此表示失望。二者还表示，需要任命一个“汽车沙皇”帮助推进谈判。
UAW President Ron Gettelfinger has been asking the Obama administration for more time to negotiate with the auto makers. Mr. Gettelfinger, a strong supporter of Mr. Obama's presidential campaign, is also hopeful that the government will take responsibility for some of GM's $47 billion in retiree health care obligations, said people familiar with his thinking.
UAW主席葛蒂尔芬格(Ron Gettelfinger)一直在向奥巴马政府要求，在与汽车制造商谈判的问题上给他们更多时间。葛蒂尔芬格是奥巴马竞选阵营强有力的支持者。知情人士说，他还希望政府将担负起通用汽车470亿美元退休医疗责任的一部分。
House Speaker Nancy Pelosi (D., Calif.) and House Financial Services Chairman Barney Frank (D., Mass.) on Friday sent a letter to the chief executives of GM and Chrysler laying out expectations for their viability plans.
众议院议长、加州民主党议员佩洛西(Nancy Pelosi)和众议院金融服务委员会主席、马萨诸塞州民主党议员弗兰克(Barney Frank)上周五联合致函通用汽车和克莱斯勒的首席执行长，列出了对他们的具体期望。
The lawmakers asked that the plans demonstrate 'a commitment that the sacrifices necessary to turn the industry around will be shared equitably by all stakeholders' and 'a demonstrated commitment to restructure your company's debt in a manner that protects the interests of the taxpayers.'
两位议员要求， 兴计划要承诺，“为扭转行业形势作出的必要牺牲将由所有利益相关方公平分担”，且“要以保护纳税人利益的方式重组公司债务。”
John D. Stoll / Sharon Terlep
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