Www Lendersmortgagepayments Tag Cinema Movies Lenders Mortgage Payment 竟有这样一个完全置投资人利益于不顾的美国原世界500强企业------原世界第11大汽车零部件生产商(LEA) - 第一理財美股論壇, 美股交易資訊

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01-05-2010, 04:16 AM

竟有这样一个完全置投资人利益于不顾的美国原世界500强企业------原世界第11大汽车零部件生产商(LEA)

曾经是世界500强企业，世界第11大汽车零配件供应商---美国汽车零配件供应商李尔（LEA），这家总部设在密西根Southfield的汽车配件生产商于2009年7月7日提出破产保护申请。过去52周中，该股股价在27美分和18.31美元之间波动。2009年7月7日提出破产保护申请后其股价跌至20美分。在破产保护期内其股价在20美分-40美分之间破动。
2009年11月7日，其股价从一周前的31美分跌至2美分。日跌幅分别为10%，20·%，20%，50%，75%。一周市值蒸发94%。原因是美国破产法院于2009年11月5日批准了其破产重整计划。创造了美国世界500强企业股票周跌幅、月跌幅、年跌幅之最。
而其提出的破产重组的计划是
The Plan provides for a restructuring of (i) approximately $2.3 billion of indebtedness outstanding under the Amended and Restated Credit and Guarantee Agreement, dated as of April 25, 2006, among Lear, certain of its subsidiaries, the several lenders from time to time parties thereto (the "Lenders"), the several agents parties thereto and JPMorgan Chase Bank, N.A., as Agent for the Lenders (as amended and supplemented, the "Senior Credit Facility"), including termination claims under certain hedging arrangements held by certain Lenders, and (ii) approximately $1.3 billion of indebtedness outstanding under Lear's 8.50% senior notes due 2013, 5.75% senior notes due 2014, 8.75% senior notes due 2016, and zero-coupon convertible senior notes due 2022. Capital Structure
The Plan and Confirmation provide for a restructuring of the Debtors' capital structure which, after the Effective Date, would consist of the following:
First Lien Facility - A First Lien
该计划规定了（一）约为23亿美元的债务重组未根据修正并重新信贷和担保协议，作为2006年4月25日过时，除李尔，其子公司，不时各方的几个贷款人一定议定书（"贷款人"），双方的数及其代理人和摩根大通银行作为代理人的人（经修正和补充，在"高级信用贷款"），包括在某些对冲某些贷款人持有安排终止要求，以及（ii）根据李尔的8.50％优先债券约为13亿美元的债务未偿还2013年到期，5.75％，2014年到期的高级票据，8.75％，2016年到期的优先票据，零息可转换债券2022年到期。资本结构该计划并确认为对债务人的资本结构重组，其中在生效日期后，将包括以下内容：
第一联基金-基金的第一留置权高达5亿美元。
Second Lien Facility - A Second Lien Facility of $600 million.
Series A Preferred Stock - $500 million of Series A Convertible Participating Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock") (which would not bear any mandatory dividends). The Series A Preferred Stock is convertible into approximately 24.2% of the Common Stock, on a fully diluted basis (assuming the issuance of $450 million of Series A Preferred Stock after giving effect to the payments described below under "- Excess Cash Paydown").
二连战设施-阿二连战基金达6亿美元。
A系列优先股- $ 500万美元A系列可转换优先股参与，票面价值为每股0.01美元（即"A系列优先股"）（这将不承担任何强制性股息）。 A系列优先股可以转换为约24.2％的普通股，
全面摊薄的基础上（假设落实后支付450元的A系列优先股万发行所述"下面-超额现金Paydown"）。
Common Stock and Warrants - A single class of common stock, par value $0.01 per share (the "Common Stock"), including sufficient shares to provide for
(i) management equity grants, (ii) the conversion of the Series A Preferred Stock into Common Stock and (iii) the issuance to the Lenders and the holders of senior notes and certain other general unsecured claims against the Debtors of warrants to purchase 15% of Lear's Common Stock, on a fully diluted basis (the "Warrants"). On the Effective Date, Lear expects to have outstanding approximately 34.1 million shares of Common Stock, 10.9 million shares of Series A Preferred Stock (which are convertible into shares of Common Stock on a one-for-one basis) and 8.2 million Warrants (which are exercisable for shares of Common Stock on a one-for-one basis). In addition, on the Effective Date, Lear expects to grant approximately 1.3 million restricted stock units under its management equity plan (which are convertible into shares of Common Stock on a one-for-one basis on their future vesting dates). The Warrants are exercisable at a nominal exercise price at any time during the period (a) commencing on the business day immediately following a period of 30 consecutive trading days during which the closing price of the Common stock for at least 20 of the trading days is equal to or greater than $39.63 (as adjusted from time to time) and
(b) ending on the fifth anniversary of the Plan.
普通股和认股权证-以单级普通股，票面价值为每股0.01美元（即"普通股"），包括足够的股份，为
（一）管理的股票奖励计划，（二）A系列优先股为普通股（三）向贷款人发放和高级债券和其他一些普遍对认股权证的债务人无担保债权的持有人转换为购买15李尔％的普通股，全面摊薄的基础上（即"认股权证"）。在生效日期，
李尔公司预计，到优秀约3410.000万普通股，1090万A系列优先股股份（这是成普通股可兑换的一个换一个基础）和8200000权证（以供股行使普通股在一换一的基础上）。此外，在埃夫ective日期，李尔公司希望批准其管理下的资产约为130万计划限制性股票单位（其中可兑换上对他们的未来归属日期一换一的基础上成普通股）。认股权证的行权价格名义行使期间内的任何时间（一）在工作日之后立即开始连续30个交易日的期间，至少有20个交易日的普通股收盘价为期等于或大于39.63美元（如调整不时）和
（b）终止对计划五周年。
Excess Cash Paydown
The Plan provides that to the extent Lear has minimum liquidity on the Effective Date in excess of $1.0 billion, subject to certain accruals and adjustments, the amount of such excess would be utilized to prepay, first, the Series A Preferred Stock in an aggregate stated value of up to $50 million; then, the Second Lien Facility in an aggregate principal amount of up to $50 million; and thereafter, the First Lien Facility. Lear expects to have liquidity, after giving effect to certain accruals and adjustments, of between $1.2 billion and $1.3 billion as of the Effective Date. In the event Lear has such liquidity, in accordance with the Plan and the Confirmation, Lear will apply its cash as of the Effective Date in excess of the $1.0 billion of minimum liquidity as follows: (i) $50 million of cash in aggregate will be paid to the Lenders, thereby reducing the amount of the Series A Preferred Stock to be issued on the Effective Date from $500 million to $450 million; (ii) $50 million of cash will be used to prepay the second lien term loans under the Second Lien Facility, thereby reducing the principal amount of the Second Lien Facility from $600 million to $550 million; and (iii) the remaining amount of such excess cash, estimated to be between $100 million and $200 million, will be used to reduce the principal amount of the First Lien Facility.
Certain Claims and Interests
Senior Secured Credit Facility Claims. Under the Plan, on the Effective Date, each Lender will receive its pro rata share of: (i) $550 million of second lien term loans under the Second Lien Facility; (ii) $450 million of Series A Preferred Stock; (iii) 35.5% of the Common Stock (excluding any effect of the Series A Preferred Stock, the Warrants and the management equity grants) and (iv) cash of $100 million.
多余现金Paydown
该计划规定的范围内李尔均在10亿美元，受某些权责发生制和调整最低生效日期过剩的流动性，这些超出的款额将用于预付，第一，A系列优先股在聚合声明价值高达5000万美元，然后，
二连战在聚合基金高达5000万美元本金，并在其后，第一连基金。李尔公司预计，到流动性，在给予作为生效日期实施某些权责发生制和调整，至12亿美元，13亿美元。倘若李尔王有这样的流动性，按照与P
兰和确认，李尔公司将适用于在这项耗资1.0亿美元的最低流动性过剩的现金生效日期如下：（i）$ 50万美元的现金总额将支付给贷款人，从而降低了吨数量
他A系列优先股发出的生效日期从5亿美元至450亿美元;（二）5,000万美元现金将用于预付连下二基金的第二留置权的长期贷款，从而减少了第二本金连战基金从6亿美元5.5亿美元;及（iii）这些多余的现金余额，预计在1亿美元，2亿美元，将用于降低第一留置权贷款本金。
某些要求和利益
高级担保信贷索赔。根据该计划，在生效日期，每一个贷款人将获得由第二连它的亲基金份额的比例：（一）$ 550的第二留置权万美元的长期贷款;（二）450元A系列优先股万美元;（三）35.5普通股的％（不包括任何的A系列优先股的影响，
认股权证和管理股票奖励计划）及（四）1亿美元的现金。 Unsecured Ongoing Operations Claims. Under the Plan, general unsecured claims relating to the provision of goods or services to certain of the Debtors arising with, or held by, persons or entities with whom the Debtors conducted business as of the filing of Chapter 11, subject to certain exceptions, which are due and payable on or before the Effective Date, will be paid in full in cash.
Senior Notes and Other Unsecured Claims. Under the Plan, each holder of senior notes and certain other general unsecured claims against the Debtors and the unsecured deficiency claims of the Lenders under the Senior Credit Facility will receive its pro rata share of (i) 64.5% of the Common Stock (excluding any effect of the Series A Preferred Stock, the Warrants and the management equity grants) and (ii) the Warrants.
Existing Equity Claims. Existing equity holders of Lear, including holders of its common stock and options, will have no recovery under the Plan and such common stock and options will be cancelled. Lear will continue to hold all equity interests in its subsidiaries that it held prior to the filing of Chapter 11.
不安全的现行业务的债权。根据该计划，一般涉及的商品或提供服务所产生的应收账款，或持有，个人或团体的进行，作为第11章申请企业的应收账款，受某些例外，某些无担保债权的到期日或之前生效日期支付，
将支付现金爆满。 vWww Lendersmortgagepayments Tag Cinema Movies Lenders Mortgage Payment 竟有这样一个完全置投资人利益于不顾的美国原世界500强企业------原世界第11大汽车零部件生产商(LEA) - 第一理財美股論壇, 美股交易資訊q x r r Lenders Mortgage Payment Payment j Lenders Mortgage Payment Lenders Mortgage Payment zWww Lendersmortgagepayments Tag Cinema Movies Lenders Mortgage Payment 竟有这样一个完全置投资人利益于不顾的美国原世界500强企业------原世界第11大汽车零部件生产商(LEA) - 第一理財美股論壇, 美股交易資訊v m Lenders Mortgage Payment