TOP 100 TRANSPORTATION AND LOGISTICS SITES
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| Chrysler's Clock Is Ticking Robert Salomon submits: Last week, in the post Chrysler/Fiat Update, I suggested that Chrylser’s debtholders would likely be better off with Chrysler in bankruptcy. I wrote:Some creditors (e.g., secured bondholders debtholders) would likely be better off with Chrysler in bankruptcy than make the kinds of concessions that would allow the Fiat deal to go through.Complete Story » seekingalpha.com |
GM Secured Lenders Won't Be Impaired Tyler Durden submits: As Zero Hedge previously noted, and the WSJ now reports, General Motors (GM) secured lenders will get full recoveries on their loans, which is not to say full cash repayment but rather a notional roll into "Good GM" at par value. This is not surprising, seeing how the secured loans at GM are not the fulcrum security (unlike at Chrysler), however the major haircuts at the unsecured, bond level will prove to be a much more relevant issue for the expediency of the bankruptcy case. It is not so much the treatment of the above-fulcrum security that is a concern (either in this bankruptcy or any other), but the level of projected recoveries for the fulcrum, the residual for the securities below and the level of fulcrum holdouts.In the meantime, GM's Term Loan, whose recent chart is presented below (click to enlarge), yesterday hit a level of 85, which is likely a fair value for when it rolls into a presumably leaner and much less indebted Good GM post bankruptcy. As the U.S. Government-sponsored DIP financing, which according to media reports, could be up to $30 billion, will likely be "forgiven" upon emergence, it is only logical that the TLs, which have a high likelihood of being the only debt post emergency, should trade at or near par values.Complete Story » seekingalpha.com |
Royal Caribbean Cruises Ltd. Q2 2009 Earnings Call Transcript Royal Caribbean Cruises Ltd. (RCL)Q2 2009 Earnings CallJuly 29, 2009 9:00 am ETComplete Story » seekingalpha.com |
A Windy Credit Market Overview Jim Delaney submits: Wind. It can be as gentle as the tropical breeze that keeps you cool as the “Girl From Ipanema” walks by or, as Dorothy is well aware, strong enough to suck you right out of Kansas! A tailwind can be very useful when flying from one spot to another and that is exactly what Boeing (BA) received recently when the World Trade Organization (WTO) ruled that the European Union illegally subsidized the Airbus during the design and construction of a few of its planes. Most specifically BA is hoping the ruling helps stop the EU from making loans totaling E2.9 billion ($4.1 billion) to Airbus to support their new long-range A350.Complete Story » seekingalpha.com |
Berkshire Well Positioned for Buffett's Prediction on Electric Cars Ravi Nagarajan submits:Warren Buffett met with students from Rice University’s graduate school of business Friday. Each year, Mr. Buffett meets with several groups of business students and provides advice on business and investing topics. According to an article in the Houston Chronicle, Mr. Buffett made some comments regarding peak oil and the prospects for electric cars: Goetgeluk [President of Rice University's finance club] asked what Buffett thought of the peak oil theory — that oil production has peaked and will only decline in the future — and what he believed would replace carbon fuel. Buffett told him that in 20 years, he believes all the cars on the road will be electric. He’s already invested in a Chinese company working on the technology to make it happen.Complete Story » seekingalpha.com |