通用汽车将于周一早8时申请破产保护
smart_1st 2009年06月01日10:38 来源：华尔街日报 点击次
通用汽车将于周一早8时申请破产保护
科赫是咨询机构AlixPartners LLP的董事总经理。据知情人士说，他将在美东时间周一上午8时（格林威治时间中午12时）通用汽车向纽约南区破产法院提交破产保护文件时获得这一任命。他将成为通用汽车管理层中最高级别的外部人士，负责领导大约60名Alix的员工为这家汽车制造商工作。
作为资深的企业复兴专家，科赫曾参与Kmart Corp.等知名公司的破产工作，此次他将负责将通用汽车拆分为政府资助的“新通用”和将进行破产清算的“旧通用”。
科赫将向通用汽车首席执行长韩德胜(Frederick Henderson)汇报，但也将直接向公司的董事会汇报。一旦新通用走出破产保护，科赫随后将担任另外一个新的管理团队的负责人，处理仍在破产过程中的“旧通用”。届时，他可能会直接向“旧通用”的董事会汇报。“旧通用”与“新通用”不是一个董事会。
作为“旧通用”的管家，科赫将帮助新旧通用之间就某些服务签订合同。他还将领导分拆或清算“旧通用”的资产，包括土星(Saturn)、悍马(Hummer)、萨博(Saab)和庞蒂亚克(Pontiac)品牌，以及多达20家工厂。自去年12月以来，科赫定期会同通用汽车的高层管理人员举行会谈。应奥巴马政府的要求，他帮助制定了通用汽车的复兴计划，同股东和贷款人进行谈判，筹备在破产保护状态下将通用汽车的“好”资产出售给由政府持有大部分股份的“新通用”。作为Alix驻通用汽车的主要顾问，他还准备了一份分析报告，概述了一旦通用汽车破产清算，债权人可能采取的收回债务的方式。
一位知情人士说，从这个分析的结果看，无担保债权人将无法收回欠债。此人说，美国财政部收回的欠债将严重受损，他估计只能收回不到50%的欠款。
科赫团队中的其他Alix高层董事总经理还将包括斯坦格尔(Ted Stenger)，他曾参与Kmart的破产案和汽车供应商Dana Automotive的倒闭案；还包括Alix欧洲业务的总裁阿维萨(Stefano Aversa)和汽车业专家霍菲克(John Hoffecker)。现年67岁的科赫曾在2002年最大的零售商破产案──Kmart破产案中担任该公司临时首席财务长。2003年Kmart走出破产保护，科赫因此赢得了赞誉。
2005年Kmart与Sears合并，成为Sears Holdings Corp.。
此外，科赫还曾担任Champion Enterprises的董事长兼首席执行长，带领这家活动房屋建造商扭亏为盈，使其避免了破产命运。
从事破产研究的纽约大学教授奥尔特曼(Edward Altman)说，科赫看起来是个有着优秀业界经验的可靠之人；他为一家顶级公司工作，所以…….他会获得强大的支持。奥尔特曼说，Kmart在申请破产保护后的几年里无疑获得了成功，就一家公司走出破产保护并取得不错表现而言，Kmart是华尔街的宠儿。
不过他也提醒说，经济环境在公司重组、走出破产保护的过程中起着重要作用，而目前的经济形势可能对通用汽车不利。
GM Bankruptcy Filing Seen 8AM Mon In NY's Southern District - Source
General Motors Corp. (GM) is expected to name turnaround executive Al Koch as its new chief restructuring officer to guide the auto maker's trip through Chapter 11 bankruptcy protection, according to people familiar with the matter.
Mr. Koch, a managing director at the advisory firm AlixPartners LLP, will be named to the post when GM files its bankruptcy papers at 8 a.m. (1200 GMT) Monday at the U.S. Bankruptcy Court in New York's Southern District, these people said. He will be the highest-ranking outsider in GM's management ranks and oversee about 60 Alix employees working for the auto maker.
A veteran turnaround specialist, who worked on high-profile bankruptcies such as Kmart Corp., Mr. Koch will oversee a break-up of the company into a government-sponsored 'New GM' and a remaining firm that will be left behind and liquidated.
Mr. Koch will report to GM's Chief Executive Frederick 'Fritz' Henderson, but will also report directly to the company's board of directors. Assuming a New GM emerges from Chapter 11, Mr. Koch will then sit atop a new, separate management team winding down the 'Old GM' that remains in bankruptcy court. In this role, he'll likely report directly to Old GM's board, which will be different from the New GM board.
As the steward of the Old GM, Mr. Koch will help negotiate contracts between the New GM and Old GM for certain services. He'll also lead efforts to spin-off or liquidate Old GM's assets, including the Saturn, Hummer, Saab and Pontiac brands, and as many as 20 factories. Since December, Mr. Koch has been in regular meetings with GM's top management. He helped develop the auto maker's viability plans requested by the Obama administration, negotiated with the company's shareholders and lenders and readied the Chapter 11 sale of GM's 'good' assets to a New GM owned largely by the government. As Alix's main adviser to GM, he also prepared an analysis outlining likely recovery by creditors in the event the auto maker liquidated.
That analysis found 'no recovery for unsecured creditors,' said a person familiar with the finding. The U.S. Treasury recovery would have been 'significantly impaired,' said this person, estimating it at less than 50 cents on the dollar.
Other top Alix managing directors on Mr. Koch's team will include Ted Stenger, who worked on Kmart and the collapse of auto-supplier Dana Automotive; Stefano Aversa, president of Alix's European operations and John Hoffecker, an auto industry specialist. Sixty-seven year old Mr. Koch served as interim chief financial officer of Kmart when it became the largest retailer to seek Chapter 11 protection in 2002. Kmart emerged in 2003, earning Mr. Koch accolades.
Kmart merged with Sears in 2005, creating Sears Holdings Corp.
In addition, Mr. Koch served as chairman and chief executive of Champion Enterprises, where he led a turnaround for that manufactured-home builder that avoided bankruptcy.
Mr. Koch 'seems like a solid guy with excellent industry experience. And he works for a top firm, so ... he'll have good support,' said Edward Altman, a New York University professor who focuses on bankruptcies. 'Certainly Kmart was a great success in the several years subsequent to its filing, and was the darling of Wall Street in terms of when a company emerges and does well.'
But Mr. Altman cautioned that the economy plays a major role in the success of corporate restructurings emerging from Chapter 11, which could work against GM.
据
知情人士透露，预计通用汽车公司(General Motors Corp.)将任命企业复兴专家科赫(Al Koch)担任新的首席重组长，指导公司的破产保护过程。科赫是咨询机构AlixPartners LLP的董事总经理。据知情人士说，他将在美东时间周一上午8时（格林威治时间中午12时）通用汽车向纽约南区破产法院提交破产保护文件时获得这一任命。他将成为通用汽车管理层中最高级别的外部人士，负责领导大约60名Alix的员工为这家汽车制造商工作。
Reuters
停车场中的雪佛兰汽车
科赫将向通用汽车首席执行长韩德胜(Frederick Henderson)汇报，但也将直接向公司的董事会汇报。一旦新通用走出破产保护，科赫随后将担任另外一个新的管理团队的负责人，处理仍在破产过程中的“旧通用”。届时，他可能会直接向“旧通用”的董事会汇报。“旧通用”与“新通用”不是一个董事会。
作为“旧通用”的管家，科赫将帮助新旧通用之间就某些服务签订合同。他还将领导分拆或清算“旧通用”的资产，包括土星(Saturn)、悍马(Hummer)、萨博(Saab)和庞蒂亚克(Pontiac)品牌，以及多达20家工厂。自去年12月以来，科赫定期会同通用汽车的高层管理人员举行会谈。应奥巴马政府的要求，他帮助制定了通用汽车的复兴计划，同股东和贷款人进行谈判，筹备在破产保护状态下将通用汽车的“好”资产出售给由政府持有大部分股份的“新通用”。作为Alix驻通用汽车的主要顾问，他还准备了一份分析报告，概述了一旦通用汽车破产清算，债权人可能采取的收回债务的方式。
一位知情人士说，从这个分析的结果看，无担保债权人将无法收回欠债。此人说，美国财政部收回的欠债将严重受损，他估计只能收回不到50%的欠款。
科赫团队中的其他Alix高层董事总经理还将包括斯坦格尔(Ted Stenger)，他曾参与Kmart的破产案和汽车供应商Dana Automotive的倒闭案；还包括Alix欧洲业务的总裁阿维萨(Stefano Aversa)和汽车业专家霍菲克(John Hoffecker)。现年67岁的科赫曾在2002年最大的零售商破产案──Kmart破产案中担任该公司临时首席财务长。2003年Kmart走出破产保护，科赫因此赢得了赞誉。
2005年Kmart与Sears合并，成为Sears Holdings Corp.。
此外，科赫还曾担任Champion Enterprises的董事长兼首席执行长，带领这家活动房屋建造商扭亏为盈，使其避免了破产命运。
从事破产研究的纽约大学教授奥尔特曼(Edward Altman)说，科赫看起来是个有着优秀业界经验的可靠之人；他为一家顶级公司工作，所以…….他会获得强大的支持。奥尔特曼说，Kmart在申请破产保护后的几年里无疑获得了成功，就一家公司走出破产保护并取得不错表现而言，Kmart是华尔街的宠儿。
不过他也提醒说，经济环境在公司重组、走出破产保护的过程中起着重要作用，而目前的经济形势可能对通用汽车不利。
GM Bankruptcy Filing Seen 8AM Mon In NY's Southern District - Source
General Motors Corp. (GM) is expected to name turnaround executive Al Koch as its new chief restructuring officer to guide the auto maker's trip through Chapter 11 bankruptcy protection, according to people familiar with the matter.
Mr. Koch, a managing director at the advisory firm AlixPartners LLP, will be named to the post when GM files its bankruptcy papers at 8 a.m. (1200 GMT) Monday at the U.S. Bankruptcy Court in New York's Southern District, these people said. He will be the highest-ranking outsider in GM's management ranks and oversee about 60 Alix employees working for the auto maker.
A veteran turnaround specialist, who worked on high-profile bankruptcies such as Kmart Corp., Mr. Koch will oversee a break-up of the company into a government-sponsored 'New GM' and a remaining firm that will be left behind and liquidated.
Mr. Koch will report to GM's Chief Executive Frederick 'Fritz' Henderson, but will also report directly to the company's board of directors. Assuming a New GM emerges from Chapter 11, Mr. Koch will then sit atop a new, separate management team winding down the 'Old GM' that remains in bankruptcy court. In this role, he'll likely report directly to Old GM's board, which will be different from the New GM board.
As the steward of the Old GM, Mr. Koch will help negotiate contracts between the New GM and Old GM for certain services. He'll also lead efforts to spin-off or liquidate Old GM's assets, including the Saturn, Hummer, Saab and Pontiac brands, and as many as 20 factories. Since December, Mr. Koch has been in regular meetings with GM's top management. He helped develop the auto maker's viability plans requested by the Obama administration, negotiated with the company's shareholders and lenders and readied the Chapter 11 sale of GM's 'good' assets to a New GM owned largely by the government. As Alix's main adviser to GM, he also prepared an analysis outlining likely recovery by creditors in the event the auto maker liquidated.
That analysis found 'no recovery for unsecured creditors,' said a person familiar with the finding. The U.S. Treasury recovery would have been 'significantly impaired,' said this person, estimating it at less than 50 cents on the dollar.
Other top Alix managing directors on Mr. Koch's team will include Ted Stenger, who worked on Kmart and the collapse of auto-supplier Dana Automotive; Stefano Aversa, president of Alix's European operations and John Hoffecker, an auto industry specialist. Sixty-seven year old Mr. Koch served as interim chief financial officer of Kmart when it became the largest retailer to seek Chapter 11 protection in 2002. Kmart emerged in 2003, earning Mr. Koch accolades.
Kmart merged with Sears in 2005, creating Sears Holdings Corp.
In addition, Mr. Koch served as chairman and chief executive of Champion Enterprises, where he led a turnaround for that manufactured-home builder that avoided bankruptcy.
Mr. Koch 'seems like a solid guy with excellent industry experience. And he works for a top firm, so ... he'll have good support,' said Edward Altman, a New York University professor who focuses on bankruptcies. 'Certainly Kmart was a great success in the several years subsequent to its filing, and was the darling of Wall Street in terms of when a company emerges and does well.'
But Mr. Altman cautioned that the economy plays a major role in the success of corporate restructurings emerging from Chapter 11, which could work against GM.
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