Delphi Corp: On the Road from Bankruptcy
August 03, 2007

Delphi Corp. moved another step closer to emerging from bankruptcy Thursday when a bankruptcy court judge agreed to allow private equity firm Appaloosa Management LP and other investors invest up to $2.55 billion in the Detroit-area auto supplier.

"This was a huge milestone,’’ said Robert S. "Steve" Miller, executive chairman of Delphi, which filed for bankruptcy protection nearly two years ago.

The company achieved another major milestone when it recently secured concessions from the United Auto Workers Union and a reduction of hourly wages.

Investors also include Harbinger Capital Partners Master Fund I Ltd., Merrill Lynch, Pierce, Fenner & Smith Inc, UBS Securities LLC; Goldman Sachs & Co., and Pardus Capital Management L.P.  Cerberus Capital Management LP, the new owner of Chrysler, withdrew from its Delphi investment.

Posted by Michelle Krebs at 8:33 AM under Companies , News | Comments (0) | digg this | Seed Newsvine