Edward199
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May 29, 2009 New G.M. Plan Gets Support From Key Bondholders By MICHAEL J. de la MERCED and MICHELINE MAYNARD As General Motors moved closer to a bankruptcy filing, possibly early next week, attention on Thursday turned again to the bondholders, the most important group that the company has yet to win over for its efforts to start fresh. Early Thursday, G.M. proposed a deal in which bondholders would receive up to a 25 percent stake — a bigger share than G.M. offered the autoworkers union — if they do not oppose its bankruptcy reorganization, and then said that a group representing many of the largest bondholders had accepted the offer. The proposal came as administration officials and G.M. began to discuss how the carmaker would look once it emerged from a court reorganization. The company is expected to seek bankruptcy protection by Monday, the deadline set by the Obama administration to restructure outside bankruptcy. In a regulatory filing, G.M. set Saturday afternoon as the deadline for other bondholders to support the plan. In addition to the group supporting the G.M, plan, which represents about 20 percent of G.M.’s debt, people with knowledge of the discussions said a second group, with about 30 percent of G.M.’s debt, was in talks with the Treasury. Administration officials said they considered the development very positive. While the officials said there was no specific threshold[l1] for approval by the bondholders, a person briefed on the matter said that G.M. was seeking support from investors holding about 50 percent of G.M.’s $27 billion in bond debt. G.M. and the Treasury will re-examine the results after 5 p.m. on Saturday to gauge support before deciding how to proceed. Administration officials said Thursday that 15 percent of bondholders approved the first debt-for-equity swap. (G.M. had wanted 90 percent.) With that group added to the 20 percent represented by the ad hoc committee[l2] , which had opposed the earlier offer, officials believe they have a good starting point. In a regulatory filing, G.M. filled in many of the details of how it would look once it completed its reorganization, crafted under the eye of the Treasury Department. G.M. said the government, which is to provide bankruptcy financing of about $50 billion, initially would hold 72.5 percent of G.M., with the United Automobile Workers union receiving 17.5 percent, and bondholders receiving 10 percent. But the percentages held by the bondholders and the union could conceivably be larger because each are being offered warrants in the new G.M., which would be created in bankruptcy. Under the terms of the plan, bondholders would initially receive 10 percent. They could then exercise their warrants for an additional 7.5 percent when the new G.M. rises to about $15 billion in value. The second set of warrants for the final 7.5 percent would be exercisable when new G.M. rises to $30 billion in value. The union would initially receive a 17.5 percent stake to finance a health care trust for its retirees. It has also received warrants to raise that holding to 20 percent — but as Thursday’s filing made clear, those warrants are exercisable[l3] only if new G.M.’s value hits $75 billion. Once the union and bondholders achieve their full stakes, the government’s share would drop to 55 percent. The hope is to create a new G.M. by late August, people with knowledge of the matter said. During a briefing on Thursday, administration officials said they expected that General Motors would emerge from bankruptcy in 60 to 90 days, but would probably not be a publicly traded company until sometime later, possibly after a public offering. The administration officials said that G.M.’s balance sheet going forward could make a $15 billion market capitalization possible within a relatively short period of time, but did not offer details on how its value would rise to that level. The current market capitalization, said an administration official close to the negotiations, reflected a capital structure that is unacceptable. G.M.’s current market capitalization is about $683.8 million; it was close to $22 billion a few years ago. (By comparison, Toyota is now worth $123 billion, and its market capitalization was $200 billion in 2006.) G.M. bondholders rejected the initial offer because they were upset that the U.A.W.’s health care trust, to which 阅读全文>> |
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如果炎症在食管的上皮形成瘢痕，显然会影响其正常的运动功能，出现吞咽困难的情况就不足为怪了。 如果觉得吞咽困难、食管炎只是“小毛病”，那么吃饭速度快、食物温度高容易诱发食管癌就是大问题了。河南林州是食管癌的高发地区，和林州人吃饭速度快、食物过热有一定的关系。 当然，用餐细嚼慢咽并不是越慢越好，因为消化食物的消化酶有分泌高峰，一般在十几分钟内，在分泌高峰中消化酶的浓度达到最佳的食物消化点，有利于营养元素的分解吸收。如果吃了油性较大的食物，受到脂肪的刺激，胆汁会一下子从胆囊排到肠内，集中消化脂肪。 但用餐时间过长，胆汁会“分期分批”地进入肠内，如果胆汁数量不够，可能不会充分消化脂肪，容易堆积脂肪，导致肥胖。所以说，过快或过慢进餐都可能导致肥胖。张主任建议，每餐细嚼慢咽的时间最好在二三十分钟左右，这是指实实在在咀嚼、吞咽的时间，并不包括吃饭中推杯换盏、聊天的时间。 |
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发件人：</SPAN> LIL 收件人：</SPAN> W,Q 已发送：</SPAN> 2009/5/29(周五), 上午7:23:36 主题：</SPAN> 我们有做好吸引社会高端人才的准备吗 W/Q：关于昨晚与C谈话的沟通与思考，与你们分享。请提供我意见。</SPAN> 我们有做好吸引社会高端人才的准备吗？</SPAN> 5月27日，董事长畅谈FL发展战略之思考。归纳出FL发展之八要素，第一个要素是人才。</SPAN> 随即的战略是：人才——吸。</SPAN> 一个“吸”字，表达了董事长的求贤若渴之迫切，也表现了他对于现在FL舞台和FL文化氛围的欣慰，尤其是对现在的高管团队的个体与整体能力之骄傲与示范效应。</SPAN> 会上，董事长将引入C与S作为例子，讲解公司发展战略与人才吸引之间的关系。</SPAN> 因此，尽管是端午小长假，尽管在病中，我将引入这两位人员作为了这几天的中心工作。</SPAN> 感谢W，今天将亲自带领S参观考察。</SPAN> 感谢Q，明天晚上我们将一道晚餐欢迎并且展现团队的胸襟坦荡氛围。</SPAN> 然而 |
