- Oct 8, 2009
REPORT: Delphi exits Chapter 11 bankruptcy
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]