For months, the U.S. government is a risk of insolvency of the car companies Chrysler and General Motors (GM) shied. But the threat of bankruptcy seems to lose its terrors. The evidence mounts that American car companies under creditor protection should be rehabilitated. Because this could only be prevented if the manufacturer and the creditors on a broad debt cancellation agreement. And it is increasingly unlikely. For example, the Ministry of Finance According to media reports, the producers forcing their creditors to a much worse deals for the conversion of bonds, ie bonds, in shares to make than ever before. Of course, Washington knows: The creditor had the better offer rejected as inadequate.
Much time is no longer, in order to reach an agreement. Chrysler, the government has a deadline set by the end of April. At the end of May is running for the GM Opel’s parent from the ultimatum. The Ministry of Finance holds the previous offers as too generous. For example, the GM creditors for their bonds for a total of 29 billion U.S. dollars including a cash payment of 8.5 billion U.S. dollars of new bonds and 90 percent of the shares. The government now insists that GM investors a maximum of a “small share” offering, as the Wall Street Journal reported. Chrysler aims to bring its creditors, 85 percent of their claims from seven billion dollars to give up.
The incentive to the services offered to meet for the investors is low. In the bankruptcy case if they had good chances before the court a better cut to make. That the government still insists on concessions, has political reasons. President Barack Obama wants to avoid giving the impression that only the workers must wear clean-up costs, since it auto union UAW during the election campaign, strongly supported it. Moreover, among the creditors of GM numerous hedge funds are aimed at saving the auto companies are betting. The government wants to prevent speculators rich profits while the taxpayers have to shoulder the expense billion. It does not look like it, as Washington wants more money in the Detroit companies pump. Most Americans should be happy: In a survey 76 percent were in favor of the companies prefer to go bankrupt. Without a new aid Detroit but will not survive. Apparently, the German scrapping in the United States as a model for a program to buy new cars.
