REPORT: Delphi exits Chapter 11 bankruptcy
For the first time in a very long while, you might say that Delphi is ahead of the curve. At a time when a number of automotive suppliers are finding life tough enough to file for Chapter 11 bankruptcy, Delphi is finally emerging from its own four-year-old filing.
Delphi's financial savior is a group led by Elliot Management and Silver Point Capital, which has reportedly agreed to forgive $3.4 billion in loans while making a $900 million investment in the new Delphi. Certain bits of the old company were absorbed by General Motors – itself a recent Chapter 11 survivor and the company Delphi was originally spun off from.
The leftover (read: undesirable) portions of the company will be liquidated in a plan that will "allow Delphi to effectively serve its customers by focusing on its core business," according to a statement from GM CEO Fritz Henderson.
[Source: DealBrook | Photo: J.D. Pooley/Getty Images]
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Reader Comments (Page 1 of 1)
mbslrm 8:05AM (10/08/2009)
There's some good news!
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RG 8:33AM (10/08/2009)
Good Lord, the place looks like a prison.
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daleam 12:25PM (10/08/2009)
I don't know where that is but Delphi World Headquarters in Troy, MI looks like this:
http://annarborceiling.com/project-exp/proj-images/Delphi.jpg
DayShifter 4:37PM (10/08/2009)
@daleam
LOL!! I was just thinking the same thing, That an't HQ!!
kaslings 10:45AM (10/08/2009)
I just visited Warren Ohio, where Delphi is. Sad town now. I had no Idea Delphi was once Packard Electric, started by the Packard brothers in 1890.
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TonyInMI 11:03AM (10/08/2009)
Delphi was/is made up of a whole bunch of GM subsidiaries that used to be thriving independent companies - some going back to Durant's time. Interesting history. Warren, OH is doing a lot better than Flint, MI.
TonyInMI 11:01AM (10/08/2009)
In Saginaw Michigan Delphi Steering is now known as Nexteer Automotive.
http://www.mlive.com/business/mid-michigan/index.ssf/2009/10/saginaws_delphi_steering_annou.html
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Kevin 11:40AM (10/08/2009)
Where did you get the picture from AutoBlog? I worked at Delphi for a portion of my summer and their headquarters looks nothing like that.
http://www.newsday.com/polopoly_fs/1.1332599.1249007841!image/1042108743.jpg_gen/derivatives/display_600/1042108743.jpg
That might give some people a better idea of what the supplier looks like, as opposed to the "prison" comment above.
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fmwso 11:40AM (10/08/2009)
Don't get me wrong, but wasn't Delphi bought by the Chinese government as well?
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