Pension Funding Still An Issue For GM
My lack of regard for GM is obvious, as I remain opposed to the way the situation was handled and continues to be handled. However, the facts on the ground are exactly that – facts. GM rec’d a bailout of $50 billion plus. Secured bondholders were passed over. Unsecured creditors in the form of Union Pension Healthcare Trusts were put at the front of the line. Pensioners, existing and prospective, were NOT required to move to the PBGC and begin receiving the PBGC schedule of benefits as required by law, instead these groups were allowed to retain their exceptionally generous benefits.
Now GM is going public and current estimates put a value on the company of $60-70 billion, and show net profits of $12 billion per year over the next several years. That’s a good thing, because the company will need it.
According to a GAO report from April, GM continues to use “credits” for past contributions to fulfill its current year pension funding obligations, and anticipates using these “credits” next year. These credits are a hall pass that the company receives because of past contributions. However, the pension funding at GM, the new and improved debt-free GM, is a negative $26 billion. While 2009 helped out a little bit because of gains, the liabilities continue to grow while the company is contributing “credits.” The GAO estimates that in the years 2013 and 2014 GM will have to contribute over $12 billion.
I fully expect the IPO to go well. I presume demand will be strong domestically and internationally. But that doesn’t make the company a good deal. Caveat Emptor.
Read the original story at H. S. Dent
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