GM in Last Lap to Chapter 11
通用汽车可能于周一申请破产保护
The Obama administration plans to usher General Motors Corp. into bankruptcy court Monday and push through a restructuring that will cost taxpayers billions of dollars more than previously envisioned, turning what once was one of the most profitable companies in the world into a government ward.
奥巴马政府计划让通用汽车公司(General Motors Corp.)下周一申请破产保护，并随后实施一项重组，这一破产重组花费的纳税人资金将比原来预期的高出数十亿美元，从而使通用汽车这家曾经是世界上最赚钱的公司变为被政府保护的对象。
The possibility of a speedy bankruptcy process gained ground Thursday after the government altered the terms of the restructuring and offered GM bondholders a sweetened deal if they would forgive $27 billion in unsecured debt and pledge not to oppose the reorganization in court. A group representing key investors agreed to the new terms.
通用汽车迅速完成破产重组进程的可能性周四大为提高，此前美国政府修改了该公司重组计划的条款，向通用汽车的债券持有人表示，如果他们同意放弃对该公司的270亿美元无担保债权，并保证不在法庭上对通用汽车的重组表示反对，那么政府将给予他们更优厚的补偿。代表通用汽车重要投资者的一个团体同意接受这些新条款。
As part of the revised plan, the U.S. would provide GM with at least $30 billion in financing to carry it through and out of bankruptcy, on top of the $20 billion in loans the government already has given the company. It also agreed to turn the loans into a controlling ownership stake in GM of up to 72.5% -- a big bet that could cost taxpayers dearly if the car maker fails to recover.
作为修改后重组计划的一部分，美国政府将向通用汽车提供至少300亿美元融资，以帮助这家公司最终脱离破产保护，此前政府已向该公司提供了200亿美元贷款。政府还同意将它给予通用汽车的贷款转变为对该公司的控股权，政府因此最多可持有该公司72.5%的股份，政府此举可谓在通用汽车身上下了大注，如果该公司无法恢复元气，美国纳税人将蒙受巨额损失。
The filing would launch an unprecedented experiment in U.S. industrial policy in which the government, from the White House to Congress, will seek to remake an icon of American business while not appearing to bore too deeply into its day-to-day operations. It could be six to 18 months before GM becomes a publicly traded company again, administration officials said.
政府此次注资通用汽车将成为美国产业政策方面一次史无前例的试验，无论是白宫还是国会都既想重塑通用汽车这一美国的企业偶像，又不想显得过深参与这家公司的日常运营。政府官员们说，通用汽车在再度成为一家上市公司前将经历6到18个月的重组期。
Several people working on the revamping said GM plans to file for Chapter 11 on Monday, although some key details still need to be ironed out. They include what role GM Chief Executive Frederick 'Fritz' Henderson will play in the government's announcement of the bankruptcy, and the exact structure of the revamped GM that will be created under court protection, one of these people said.
几位致力于通用汽车重组工作的人士说，该公司计划下周一申请破产保护，不过仍有几个关键细节需要确定。其中一人说，这些细节包括，通用汽车首席执行长韩德胜(Frederick Henderson)在政府宣布通用汽车申请破产保护这件事上将扮演何种角色，以及在法庭保护下通用汽车重组后的具体结构。
President Barack Obama instead is expected to announce the government's plans for GM in a Monday speech that will echo many of the notes he tried to strike in his last two talks on the car industry: that the government plunged into the task reluctantly, but with confidence that it can rebuild GM and Chrysler and salvage at least some of the taxpayer investments.
美国总统奥巴马预计会在周一的一次讲话中宣布美国政府为通用汽车制定的计划，计划中将包含许多奥巴马此前两次谈到美国汽车业时所说的要点，即政府虽然并不情愿涉足美国汽车业重组工作，但相信自己能够重塑通用汽车和克莱斯勒，并至少能让纳税人的投资不至全部付诸东流。
The president will then dispatch much of his cabinet, including his secretaries of energy, transportation, interior and commerce, on tour of the Midwestern states that have been slammed by the decline in the auto industry, according to people familiar with the planning.
据知情人士透露，奥巴马届时将派出诸多内阁成员前往密歇根州，其中包括能源、运输、内政以及商务部长等；汽车行业衰落给这个中西部州带来了巨大冲击。
Obama aides say the risks in a GM bankruptcy far outweigh those of Chrysler, which could begin to re-emerge from its court-supervised reordering as early as next week, roughly a month after it declared Chapter 11. GM, on the other hand -- with its much more extensive operations and international footprint -- could take two to three months to sort out its new structure, administration officials said.
奥巴马的助手们说，通用汽车破产的风险远远超过克莱斯勒。克莱斯勒最早可能于下周就会开始走出法庭监管下的重组，距离该公司宣布破产保护仅大约一个月的时间。另一方面，政府官员表示，由于通用汽车有着更为广泛的业务和国际化规模，该公司可能需要两到三个月的时间才能整理出新的结构。
The speed of the reorganization could hinge in large part on whether GM and the Obama auto task force win over thousands of unsecured bondholders.
重组的步伐快慢很大程度上可能取决于通用汽车和奥巴马的汽车特别工作组能否说服数千名无担保债券持有者。
As part of the new terms worked out by the Treasury Department, these bondholders would get 10% of GM's shares as well as warrants giving them the potential to increase their stake in the reorganized company to a bit more than 20%. In exchange, they must agree to the terms of the reorganization and turn in their notes.
按照财政部制定的新条件，这些债券持有者将得到通用汽车10%的股份，以及未来可能增持重组后公司股权至略高于20%的保证。作为交换，他们必须接受重组协议，交回他们的债券。
The bond exchange is a key factor driving the Monday deadline for seeking Chapter 11 protection because GM owes one group of bondholders $1 billion that day, and the company doesn't intend to pay it.
债转股协议是推动通用汽车下周一寻求破产保护的一个关键因素，因为那天是通用汽车欠一个债券持有组织10亿美元的最后期限，而该公司无意偿还这笔债务。
A committee representing institutional bondholders said they approved the deal because the government was willing to take a bigger risk on GM by exchanging a substantial debt load for stock. Previously, GM had offered bondholders no more than a 10% stake, a deal they rejected. A group representing individual investors said it didn't find the revised terms appealing.
一个代表机构债券持有者的委员会表示，他们批准了这一协议，因为政府愿意对通用汽车承担更大的风险，将大量的债权转换为股份。此前通用汽车向债券持有者提议不超过10%的股份交换债权，但债权人否决了这一提议。一个代表个人投资者的团体表示，他们不觉得修改后的条款有吸引力。
A trust fund that is controlled by the United Auto Workers to cover health care for retired union workers would receive 17.5% of GM's stock under the new plan. Previously, the trust was seen getting as much as a 39% stake. In exchange, the UAW will get $6.5 billion in preferred stock and a $2.5 billion note.
全美汽车工人联合会(UAW)掌控的一个向退休工会成员提供医疗保健的信托基金将根据新计划获得通用汽车17.5%的股权。该信托基金此前被认为可以获得至多39%的股份。作为交换，UAW将获得65亿美元的优先股以及25亿美元的债券。
NEIL KING JR / JOHN D. STOLL / KEVIN HELLIKER
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