Auto Maker Bankruptcy Looms
美国汽车业巨头面临破产危险
Troubled U.S. auto makers and union representatives dug in late Monday for all-night cost-cutting negotiations as the government advanced its point person on auto restructuring, a former investment banker with a record for demanding harsh concessions from manufacturers, unions and investors alike.
陷入困境的美国汽车生产商和工会代表周一晚上彻夜协商成本削减计划，而政府则任命了一名前投资银行家作为汽车业重组谈判的代表。这位代表此前一贯要求制造商、工会和投资者作出巨大让步。
General Motors Corp. and Chrysler LLC are required to submit recovery plans to the government on Tuesday as part of their agreement to receive billions of dollars in federal loans. As the government's auto-industry task force began to take shape ahead of the deadline, President Barack Obama's administration appeared to be turning up the pressure on GM and Chrysler to carry out tough restructuring measures, possibly through the use of the bankruptcy court.
按照要求，通用汽车(General Motors Corp.)和克莱斯勒(Chrysler LLC)周二要向政府提交各自的复兴计划，这是它们获得数十亿美元联邦贷款的协议的一部分。随着政府的汽车业特别工作组在截止日期前开始成型，奥巴马政府看起来正在向通用汽车和克莱斯勒施加更大的压力，迫使它们实施严苛的重组措施，或许还要通过破产法院。
The administration stepped back over the weekend from naming a 'car czar,' as it had planned, to oversee the restructuring. But according to people familiar with the task force, it named former Lazard Freres & Co. investment banker Ron Bloom a key adviser. Mr. Bloom, who made a name advising U.S. steelworkers to accept major concessions in several bankruptcy cases, is expected to take the force's lead role, a senior U.S. Treasury official says.
政府周末放弃了任命“汽车沙皇”来监督重组的计划。不过知情人士说，政府任命了Lazard Freres & Co.的投资银行家罗恩?布鲁姆(Ron Bloom)担任关键顾问。布鲁姆曾因在数起破产案中建议美国钢铁工人作出重大让步而成名。财政部的一位高级官员说，预计布鲁姆将在特别工作组中扮演主角。
People who know Mr. Bloom expect him to push for harsh concessions from the auto makers, the United Auto Workers and other parties involved in their restructuring.
熟悉布鲁姆的人预计，他将推动汽车制造商、全美汽车工人联合会(UAW)和其他参与重组的各方作出重大让步。
'The management of the Big Three are probably not going to like what Ron Bloom has to say; the UAW is not going to like what Ron Bloom has to say; and certainly the stockholders and creditors will not like what he has to say,' said Michael Psaros, a co-founder of private-equity group KPS Capital Partners, who has worked with Mr. Bloom in and out of bankruptcy courts. Mr. Bloom, he added, has 'repeatedly shown an ability to transform struggling companies into profitable going concerns.'
私人资本公司KPS Capital Partners的联合创始人普萨洛斯(Michael Psaros)说，三巨头的管理层可能不会喜欢布鲁姆的提议，汽车工会不会喜欢，当然股东和债权人也不会喜欢。普萨洛斯与布鲁姆在破产案件以及其他领域都有合作。他还说，布鲁姆一再显示了把陷入困境的企业转变成持续盈利公司的能力。
Under the terms of their loans, GM and Chrysler are supposed to submit recovery plans to the Treasury Department on Tuesday showing how they are using taxpayer dollars to become viable. They are supposed to include agreements with the UAW on labor-cost reductions and deals with bondholders and other creditors for reducing their debt. Those talks have bogged down as all sides awaited the naming of a car czar to oversee the process.
按照贷款的条款，通用汽车和克莱斯勒应该在周二向财政部提交复兴计划，阐述他们打算如何利用纳税人的钱来恢复活力。计划应该包括与汽车工会达成的降低劳动力成本协议，以及与债券持有者和其他债权人达成的削减债务协议。在各方都等着政府任命“汽车沙皇”来监督重组过程之际，有关这方面的谈判停顿了下来。
Late Monday afternoon, talks between the UAW and GM, and separate negotiations with Chrysler, were making some progress as the parties hammered out cost-reduction details. But people familiar with the talks said that significant differences remain between the sides. The car companies must submit their proposals by 5 p.m. Tuesday to James Lambright, chief investment officer for the Troubled Asset Relief Program.
周一下午，全美汽车工人联合会与通用汽车和克莱斯勒分别进行谈判，随着参与方敲定了成本削减的细节，谈判取得了一定的进展。不过知情人士说，双方之间的重大分歧仍未消除。通用汽车和克莱斯勒必须在周二下午五点前把计划提交给问题资产救助计划(TARP)首席投资长兰布赖特(James Lambright)。
Details of the government's task force emerged over the weekend but its final composition remains unclear. It will be led jointly by U.S. Treasury Secretary Timothy Geithner and Lawrence Summers, who heads the National Economic Council, and will be responsible for managing the $17.4 billion in federal loan agreements between the auto makers and the U.S. government.
政府特别工作组的详细情况周末浮出水面，不过最终的组成人员仍不清楚。工作组将由美国财政部长盖特纳和国家经济委员会主席萨默斯联合挂帅，并负责管理通用汽车和克莱斯勒与美国政府之间达成的174亿美元联邦贷款协议。
Mr. Bloom, 53 years old, was named as an adviser to the Treasury and will report to Messrs. Geithner and Summers. Also named to the task force was Diana Farrell, deputy director of the National Economic Council. Ms. Farrell was formerly a director with McKinsey & Co. and did extensive work on the firm's research of global economies. Ms. Farrell did not respond to requests for comment.
现年53岁的布鲁姆被任命为财政部顾问，他将向盖特纳和萨默斯汇报工作。特别工作组中还包括国家经济委员会副主席法瑞尔(Diana Farrell)。法瑞尔曾是麦肯锡公司(McKinsey & Co., Inc.)的一位主管，任职期间在全球经济体研究方面进行了大量的工作。她没有回复记者的置评请求。
People familiar with the panel say it could also include Steven Rattner, a New York financial executive who was strongly considered for the car czar role.
知情人士说，特别工作组可能还包括瑞特纳(Steven Rattner)。此人是纽约金融高管，曾经是“汽车沙皇”的一个热门人选。
White House spokesman Robert Gibbs said naming a team brings in 'a broader array of people' who have expertise and 'can deal with the many challenges' the restructuring of the industry is going to face in the next several months.
白宫发言人吉布斯(Robert Gibbs)说，任命一个工作组，可以引入各类有专业知识、能应对未来几个月中汽车业重组面临的很多挑战的人士。
GM so far has accepted $13.4 billion in loans and Chrysler $4 billion. GM is expected to tell the government it needs several billion more or it may have to file for bankruptcy protection. Chrysler has said it hopes to get $3 billion in additional loans.
目前为止，通用汽车和克莱斯勒已分别收到134亿和40亿美元贷款。预计通用汽车会向政府表示，需要追加数十亿美元贷款，否则公司可能不得不申请破产保护。克莱斯勒则说希望再获得30亿美元贷款。
Both companies' plans are expected to include a number of plant closures. GM is likely to outline other measures such as the sale of some of its eight automotive brands. Chrysler will provide two recovery scenarios, one as a stand-alone company and one as part of its proposed alliance with Fiat SpA.
预计两家公司的计划都将包括大批工厂的关闭。通用汽车很可能还会提出其他措施，比如出售旗下八大汽车品牌中的部分品牌。克莱斯勒则将提出两种复兴方案，一种是作为独立公司运营，另一种是作为与菲亚特公司(Fiat SpA)拟议合作的一部分运营。
President Obama's administration has told GM to 'address' the possibility of the company eventually filing for bankruptcy protection, Rep. Sander Levin, a Michigan Democrat, said Monday. 'They've been asked to address the issue of bankruptcy in their plan but not to have that as an alternative plan,' Mr. Levin said in a phone interview. 'That's my understanding.'
来自密歇根州的民主党籍众议员桑德?雷文(Sander Levin)说，奥巴马政府已告知通用汽车，要其“提及”公司最终会申请破产保护的可能性。雷文在接受电话采访时说，我的理解是，通用汽车虽然被要求在其计划中提及破产问题，但并未被要求将破产作为一项替代性方案。
A GM spokesman declined to comment, but people familiar with the matter have said the auto maker has been preparing detailed bankruptcy plans and has softened its previous view that a bankruptcy filing was not an option for the company.
虽然通用汽车的发言人拒绝对此事发表评论，但知情人士已表示，该公司一直在准备详细的破产计划，并已软化了其认为申请破产不是公司一项选择的既有观点。
On Sunday, David Axelrod, a senior adviser to President Obama, declined to rule out a government-backed bankruptcy as a possibility for restructuring the industry. 'We're going to need a major restructuring of these companies,' Mr. Axelrod said on NBC's 'Meet the Press.' 'How that restructuring comes is something that has to be determined.'
奥巴马总统的高级顾问大卫?阿克希洛德(David Axelrod)周日拒绝排除通过政府支持的破产来重组汽车产业的可能性。他在接受美国全国广播公司(NBC)“与媒体会面”(Meet the Press)节目采访时说，需要对美国的汽车公司进行重大重组，但具体如何重组目前尚无定论。
Mr. Bloom, a graduate of Harvard University who spent 10 years at investment banks before joining a team advising the steelworkers union, is seen as one of the chief architects of the long-running consolidation of the steel industry, which involved about 35 bankruptcies over several decades. He's known as a blunt and straightforward communicator. The voicemail greeting on his office and cellphone is simply, 'Hi, it's Ron, you know the drill.'
毕业于哈佛大学的布鲁姆曾有10年投资银行从业经历，他目前是钢铁工人工会顾问团的一员，被认为是美国钢铁工业长期整合进程的主要设计师之一。在这一持续了几十年的进程中，大约有35家钢铁企业先后破产。布鲁姆以其生硬而直来直去的沟通方式而闻名。他为自己办公室电话和手机设置的留言提示很简单：嗨，我是罗恩，你知道该怎么做。
Mr. Bloom did not return several phone calls for comment.
布鲁姆未回复要求他发表评论的数通电话。
Under Mr. Bloom's guidance, the United Steelworkers gave up pay, job security and benefits in a bid to help the industry recover. In some cases, thousands of steelworker jobs were lost when union leadership agreed to large-scale work-force reductions in restructured companies.
在他的指导下，美国联合钢铁工人工会(United Steelworkers)放弃了工资、就业保障和福利等方面的诉求，为的就是帮助美国钢铁工业复苏。在某些情况下，由于工会领导层同意进行重组的钢铁企业大规模裁员，成千上万的钢铁工人失去了工作。
In other cases, workers who kept their jobs had to work more years at the new company to become eligible for pension benefits. In several cases, in exchange for concessions from the union Mr. Bloom was able to negotiate benefits for union members and retirees that kicked in once reconfigured steel companies became profitable again.
而在另一些情形下，那些保住了工作的钢铁工人不得不在重组后的新公司工作更多年头，这样才能获得享受退休金福利的资格。有时候，为了换取工会方面的让步，布鲁姆曾代表工会会员和企业退休人员与资方谈判员工福利，这些福利会在重组后的钢铁公司扭亏为盈时兑现。
Such creative solutions could also come into play at the automakers. Wilbur Ross, a billionaire investor who worked closely with Mr. Bloom in restructuring the steel industry, credits him with being tough on corporations without being destructive.
这些富有创意的解决方案在汽车行业的重组中也有可能发挥作用。威尔伯?罗斯(Wilbur Ross)是一位在重组美国钢铁工业方面曾与布鲁姆密切合作的亿万富翁投资者，他赞扬布鲁姆说，此人既能对资方保持强硬态度，但又不会起破坏作用。
He 'probably saved the jobs of 100,000 steelworkers,' Mr. Ross said, while also saying Mr. Bloom 'negotiated a totally different contract that simplified work rules' and other union provisions.
罗斯说，布鲁姆可能挽救了10万钢铁工人的工作。但他也表示，布鲁姆谈成了与以往完全不同的工作合同，这些合同简化了工作规章和其他工会条款。
Alan Reuther, the UAW's legislative director, said the union does not believe Mr. Bloom's appointment increases the chances the auto makers will seek bankruptcy protection. Mr. Reuther lauded the choice of Mr. Bloom, calling him a 'very bright, talented person with a lot of experience about restructuring.'
全美汽车工人联合会的立法总监艾伦?尤瑟(Alan Reuther)说，该会并不认为对布鲁姆的任命会增加汽车生产商寻求破产保护的几率。尤瑟支持对布鲁姆的任命，称他是一个非常聪明、有才能的人，在重组方面经验丰富。
Mr. Bloom had been mulling his involvement in the Obama administration's auto-industry oversight effort in recent weeks. He is expected to lean heavily on the NEC's Ms. Farrell, as well as Centerbridge Capital's Stephen Girsky, is a key adviser for United Auto Workers President Ron Gettelfinger.
布鲁姆最近几周一直在仔细考虑如何有效参与奥巴马政府挽救汽车业的努力。他预计会大力依靠国家经济委员会的法瑞尔以及Centerbridge Capital的斯蒂芬?葛斯基(Stephen Girsky)，后者是全美汽车工人联合会主席罗恩?葛蒂尔芬格(Ron Gettelfinger)的重要顾问。
The Obama administration decided to name a task force after concluding that identifying and recruiting a car czar was a nearly impossible task, say administration officials and finance executives involved in the process.
据美国政府官员和从事相关工作的财经界管理人士说，奥巴马政府在认定找到并招募一位“汽车沙皇”几乎是件不可能的任务后，决定组建一个救助汽车业的工作团队。
'Whoever did the job would be politically assassinated,' said one administration official. 'The car czar became a political hot potato. A smart New York guy wasn't one of theirs [from the Big Three]. And a Detroit guy wasn't acceptable to environmental and energy interests. No one person would be politically acceptable.'
一位政府官员说，无论由谁来充当“汽车沙皇”，他都会遭到政治上的暗杀，这一职位已经成了政坛上的一块烫手山芋。从纽约找来的精明人士不对三大汽车公司的胃口。而底特律所满意的人选又不会被鼓吹环保和节能的人士所接受。没有一个人能在政治上被各方都接受。
A leading contender to be the car czar was Mr. Rattner, a prominent New York Democrat and the founder of private-equity firm Quadrangle. His candidacy ran into conflict-of-interest questions because Quadrangle had borrowed from Chrysler's majority owner, Cerberus Capital Management LP. At the same time, Mr. Rattner had concerns about deserting his business for a politically charged assignment, said a New York executive.
纽约民主党要员瑞特纳曾被认为是出任“汽车沙皇”一职的热门人选，此人创办了私人资本运营公司Quadrangle。由于Quadrangle曾向克莱斯勒的大股东Cerberus Capital Management LP借过钱，因此有人质疑他出任此职会产生利益冲突。而据纽约的一位企业高管说，瑞特纳本人也对放弃自己的生意去担任一个颇有政治风险的公职感到犹豫不决。
John D. Stoll / Monica Langley
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