Word: plan
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Greenberg is more eager to talk about the future. Instead of the government's plan to sell off parts of AIG, he believes the quickest way for taxpayers to recoup billions in federal bailout money is to rebuild the company. "Get AIG back so that it is a taxpayer and an employer again," he says...
...First Things First Before planning for the future, however, Detroit still has to get through the present. GM has been on life support since Dec. 19, when the outgoing Bush Administration threw it a short-term loan and told the company that it had until March 31 to come up with a plan for its long-term survival. It did - but its strategy was premised on projections that car sales would begin to pick up this year after last year's dismal industry performance, in which sales sank 18%, to 13.2 million units. But the pickup hasn't happened...
...billion over the next six years. Most of that deficit can be accounted for in retiree health and pension benefits - which means that one way or another, the hundreds of thousands of UAW retirees are probably going to get a lot less health coverage. The outlines of a plan are likely to be drawn up by Bloom, a pioneer in the voluntary employee beneficiary association (VEBA) approach. In a VEBA, the union agrees to accept a cash payment to fund a new health-care system that trustees administer, thus taking future liabilities off the company's books. That's what...
...harder job facing the Administration comes when the 60-day window is up for restructuring GM outside of bankruptcy. The biggest challenge for GM remains fashioning a plan acceptable to the UAW, which represent GM's 62,000 workers, and its bondholders, mostly banks and other large institutions, which are owed some $27.5 billion and by law are first in line to get paid back. It's fairly clear the Administration wants to make bondholders eat huge losses - or make them try their luck in bankruptcy court. "No bankruptcy judge is going to rule against GM and its plan...
...Should GM go into bankruptcy, the plan would involve forming one company around bad assets, such as Hummer and Saturn, and dumping the retiree health-care liabilities into it. That company could be sold off or wound down. A second company would comprise the better performing Chevrolet, Buick, Cadillac, Pontiac and GMC brands. That ongoing firm could be partly owned by the bondholders, the UAW and other creditors...