sprung nach oben$$

dickes plus oder minus?  

 

 

 

 

noch hingeht. in usa + 8%.
wenn hier neue positive news kommen z.b. übernahme, neue investoren etc. gehts hier richtig ab.
ich denke hier wird sich bald einiges tun ...
 

tja...gute Nachrichten sind da, und es geht ab(wärts).

 

15.11.2007 13:49
Delphi signs deal with GM, investors to amend reorganization plan
NEW YORK (Thomson Financial) - Delphi Corp. (Nachrichten) Thursday said it has reached an agreement with General Motors Corp. (Nachrichten/Aktienkurs) and its plan investors to amend the reorganization and restructuring plan between the two companies.

The amendments lower Delphi's net funded debt to $5.2 billion from $7.1 billion and reduce the total plan equity value to $13.4 billion from $13.9 billion, Delphi said.

Existing shareholders will have the right to acquire about 20,770,345 common shares, up from 12,711,111 shares under the old plan.

Delphi said it continues to work to emerge from Chapter 11 proceedings during the first quarter of 2008.

Shares of Delphi closed at 23 cents on Wednesday.


Christie Rizk

cr/pc


COPYRIGHT

 
 

hört sich doch super an.
Wie gesagt das ding geht bald ab!


Delphi legt neuen Plan für Weg aus Insolvenz vor
Delphi hat sich mit General Motors und seinen übrigen Gläubigern auf einen neuen Finanzplan zur Rettung geeinigt. Nun benötigt Delphi statt 7,1 Milliarden nur noch 5,2 Milliarden Dollar an Finanzierungszusagen, teilte das Unternehmen am Mittwoch mit.



Delphi-Sitz in Troy: Die frühere General-Motors-Zuliefersparte will nach Verzögerungen mittlerweile im ersten Quartal 2008 aus dem Insolvenzverfahren herauskommen.

Bild vergrößern



Troy. Der in einem Insolvenzverfahren steckende größte US-Autozulieferer Delphi hat sich mit General Motors und seinen übrigen Gläubigern auf einen neuen Finanzplan zur Rettung geeinigt. Nach der neuen Vereinbarung benötige Delphi 5,2 Milliarden Dollar an Finanzierungszusagen, teilte das Unternehmen am Mittwoch mit.

Ursprünglich wollte Delphi 7,1 Milliarden Dollar (4,9 Mrd Euro) haben, musste den Plan aber wegen Finanzierungsproblemen durch die Kreditkrise ändern. Die frühere General-Motors-Zuliefersparte Delphi will nach Verzögerungen mittlerweile im ersten Quartal 2008 aus dem Insolvenzverfahren herauskommen. Spätestens 2009 soll das Ergebnis wieder schwarz sein. (dpa/gem)

 

ich bin sehr gespannt. die erste reaktion auf die guten nachrichten war ja erstmal ein kleiner "einbruch".

 

würde mich aus sehr sehr egoistischen gründen natürlich über eine explosion freuen. 

 

AP
Chrysler Wants Delphi Sale Delayed
Monday November 26, 4:08 pm ET  
Chrysler Seeks to Have Delphi Units' Sale Delayed on Supply Pacts


NEW YORK (AP) -- Chrysler LLC has asked a bankruptcy judge to delay the $106 million sale of two Delphi Corp. businesses until the auto maker can determine whether all its supply contracts are included in the deal.
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In papers filed Friday with the U.S. Bankruptcy Court in Manhattan, Chrysler said it hadn't had enough time to analyze the sale because many of its employees weren't working during the Thanksgiving holiday.

Delphi, a Troy, Mich.-based auto-parts supplier, has a preliminary agreement to sell the two businesses to Renco Group Inc., a New York owner of steel and mining companies.

On Nov. 16, Delphi sent the notice of the supply contracts to be included in the sale, according to court papers. An auction will be conducted Dec. 6 if Delphi receives more than one bid for the businesses.

Up for sale are Delphi's interiors operation, which makes instrument panels, and its closure-systems business, which makes doors and latches. The two businesses generate $1.3 billion a year in revenue, according to court documents.

Chrysler said it hasn't had time to determine if the sales of the businesses will include all its supply contracts, "given that the notice was filed Friday evening Nov. 16, and that certain employees of Chrysler were unavailable during the holiday week."

Moreover, Chrysler said it needs to determine whether any of the supply contracts with Delphi is unfulfilled and if so, by how much.

Delphi, the former parts unit of General Motors Corp., filed for bankruptcy in October 2005 and has been selling off "non-core" businesses. It is working to emerge from Chapter 11 protection in the first quarter of 2008.

Renco Group also owns AM General, the maker of Humvee military vehicles, according to its Web site. Renco is set to get a $2.4 million termination fee if Delphi decides to go with another bid for the businesses.

Delphi said the interiors and closure-systems businesses are "fundamentally strong." The two units have manufacturing facilities around the world, but Delphi says they would be more profitable as a stand-alone entity.


 

No charges filed in Delphi case
Justice Department will not file criminal charges against executives at the auto parts maker on allegations of accounting fraud.
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DETROIT (AP) -- The U.S. Justice Department has decided not to file criminal charges against nine former Delphi Corp. officials involving allegations of accounting fraud at the struggling auto parts maker.

In a Nov. 21 letter to a federal judge in Detroit, Steven A. Tyrrell, chief of the department's Fraud Section in Washington, said his office had contacted attorneys for the nine "targets and subjects" of the investigation and "advised them that we had declined prosecution of them."

The letter did not say why the decision was made, but said the government would not prosecute former Chief Executive J.T. Battenberg; former Chief Financial Officer Alan Dawes; former Treasurer and Senior Vice President John Blahnik; former Controller and Chief Accounting Officer Paul Free; former Director of Capital Planning and Pension Analysis Milan Belans; former Director of Financial Accounting and Reporting Catherine Rozanski; former Director of Finance in Delphi's information technology department Judith Kudla; Laura Marion, Delphi's former director of financial accounting and reporting; and former Vice President and Chief Information Officer Peter Janak.

Justice Department spokesman Bryan Sierra on Tuesday confirmed the decision not to prosecute but declined to comment further.

Court rules fuel standards not tough enough
Some of the officials are still subjects of Securities and Exchange Commission complaints on similar fraud allegations.

Tyrrell said in the letter that it was investigating sham transactions and accounting fraud designed to artificially inflate Delphi's income.

Troy-based Delphi, the nation's largest auto supplier, filed for bankruptcy protection in October 2005. It is the former parts-making operation of General Motors Corp. (Charts, Fortune 500) that was spun off as a separate company in 1999.

Tyrrell's letter, reported Tuesday by the Detroit Free Press, was sent to U.S. District Court Judge Gerald Rosen, who is considering the settlement of lawsuits filed by investors who also accused Delphi's former managers of fraud.

Delphi announced in August that the lawsuits, filed by investors including several pension plans, had been settled, pending approval by Rosen.

An SEC investigation found that Delphi manipulated its earnings from 2000 to 2004, using several illegal schemes to boost its earnings, including the concealment of a $237 million transaction in 2000 with GM involving warranty costs.

William Jeffress Jr., Battenberg's attorney, said the lack of criminal charges was not a surprise.

"Everybody has been pretty confident for some time that the investigation did not produce sufficient evidence of a crime that anybody should be indicted," he said, adding that Battenberg intends to fight the SEC case.

David DuMouchel, attorney for Rozanski, said it is a huge relief that the threat of criminal prosecution has ended.

"There was no allegation, for example, that any of these people ever profited or made money or did anything for personal profit motives," he said.

DuMouchel said there are motions pending to dismiss the SEC case.

SEC spokesman John Heine said the agency does not comment on pending cases.

Delphi seeks $4.5B loan extension

Dodge chasing Ford in police cars
 

Plan Objections Delay Delphi Hearing
Thursday November 29, 11:39 am ET
Delphi Postpones Hearing on Disclosure Statement to Dec. 6 to Resolve Plan Objections


DETROIT (AP) -- Auto-supplier Delphi Corp. has delayed a scheduled Thursday hearing on its Chapter 11 disclosure statement as the company tries to resolve objections to its proposed plan amendments.
Delphi spokesman Lindsey Williams said the hearing was rescheduled to Dec. 6 and won't affect the company's plan to emerge from Chapter 11 in the first quarter of 2008.

ADVERTISEMENT


Delphi, based in Troy, Mich., has proposed changes in recoveries to creditors, current shareholders and former parent General Motors Corp. after credit market turmoil forced it to seek a smaller exit financing package.

Committees for unsecured creditors and shareholders objected to the amendments, though GM supported the changes.

The disclosure statement must be approved by a bankruptcy court judge before Delphi can send the reorganization plan to creditors for a vote.

"Discussions are continuing with all of the parties," Williams said. "We're trying to resolve the objections that were filed."

Delphi's reorganization is underpinned by a $2.55 billion investment by a group of investors led by hedge fund Appaloosa Management LP.

Earlier this month, a bankruptcy judge authorized Delphi to enter into a preliminary exit financing pact with JPMorgan Securities Inc., JPMorgan Chase Bank and Citigroup Global Markets Inc.

The company was able to begin trying to syndicate the $6.8 billion financing package.
 

Judge OKs sale of Delphi brake plant: TRW deal gives Saginaw facility new life

NEW YORK, Nov 30, 2007 (Detroit Free Press - McClatchy-Tribune Information Services via COMTEX) -- Delphi Corp. won a judge's approval Thursday to sell its chassis business to a division of TRW Automotive Holdings Corp., breathing new life into a Delphi brake parts plant in Saginaw that this time last year faced the prospect of closure.
The sale makes good on a promise made in June, in Delphi's contract with the UAW, to keep that plant running by teaming up with Delphi's former owner General Motors Corp. to find a buyer. It also brings the Saginaw plant, with 670 hourly workers, into a company that has kept its head above water during the industry's challenging times.

Jim Hurren, president of UAW Local 467, which represents workers at the Saginaw plant, said the sale was the best possible scenario for the plant. "They want to be in the brake business," said Hurren, who credited his members, most of whom have only a year's seniority, with catching on quickly and working hard to attract a new owner. "We've got a good workforce," he said.

Approval of the sale came from U.S. Bankruptcy Judge Robert Drain, who on Thursday is to take up the next key decision in Delphi's case: whether to approve the company's bankruptcy plan so creditors can vote on it.

The plan has been amended twice in part to lower the company's debt and make it easier to secure an exit loan when investment banks, which have lost billions in the mortgage market, have tightened their lending. The plan will be amended a third time before next week's hearing, said Delphi's lead attorney, Jack Butler.

The earlier changes to the plan have angered other stakeholders in the bankruptcy, including unsecured creditors, who say the company has shifted too much of its value upon bankruptcy emergence to private equity and investment firms willing to invest up to $2.55 billion in the company.

Delphi's chassis business is one of several segments the Troy-based supplier has sold or is trying to sell during its bankruptcy to narrow its focus in the auto industry. Two other upcoming sales include its steering business and its interiors business.

Under the agreement with TRW, the new owner will lease most of the Saginaw plant, and has bought machinery, inventory and contracts for braking systems from Delphi for $42.6 million. Delphi received no competing bids for the business, which recorded $925 million in revenue last year. The deal is expected to close early next year.

TRW became the leading candidate for the business last year when GM moved its contracts for brake and axle components from Delphi to TRW, while Delphi was deciding which businesses to exit during its Chapter 11 reorganization.

TRW's diverse customer base has been credited with keeping the company profitable since 2004.

GM has been TRW's fourth-largest customer, accounting for 11% of sales, behind the former DaimlerChrysler AG, Ford Motor Co. and Volkswagen AG.

TRW, 47% of which is owned by the Blackstone Group LP, reported $13.1 billion in sales last year with more than 20% of that coming from its braking business.

Contact JEWEL GOPWANI at 313-223-4550 or jgopwani@freepress.com.



To see more of the Detroit Free Press, or to subscribe to the newspaper, go to
http://www.freep.com Copyright (c) 2007, Detroit Free Press Distributed by
McClatchy-Tribune Information Services. For reprints, email
tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to
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Glenview, IL 60025, USA.
Jewel Gopwani
 

http://www.finanznachrichten.de/...ichten-2007-12/artikel-9603680.asp

03.12.2007 15:25
Delphi braucht mehr Zeit zur Reorganisation ihrer Insolvenz
DJ Delphi braucht mehr Zeit zur Reorganisation ihrer Insolvenz

TROY (Dow Jones)--Die Delphi Corp, (Nachrichten) Troy, hat um eine dreimonatige Verlängerungsfrist bei der Reorganisation ihrer Insolvenz gebeten. Die Kreditkrise habe es für das Unternehmen schwierig gemacht, eine Finanzierung zu erreichen, wie aus beim US-Konkursgericht in Manhattan am Freitag eingereichten Dokumenten hervorgeht.

Delphi bittet darin den Richter, die Frist zur Erstellung eines Insolvenzplans bis zum 31. März 2008 zu verlängern. Diese Frist verstreicht derzeit am 31. Dezember 2007. Zudem möchte Delphi - der größte Zulieferer von Automobilteilen an die General Motors Corp - die Frist, innerhalb derer sie sich die Unterstützung der Gläubiger sichert, bis Ende Mai hinausschieben. Delphi bezeichnete den Schritt als Vorsichtsmaßnahme.

  Webseiten: http://www.delphi.com
             http://www.gm.com

  - Von Joseph Rebello, Dow Jones Newswires, ++49 (0) 69 297 25 108,
  unternehmen.de@dowjones.com

  DJG/DJN/pia/kla

(END) Dow Jones Newswires

December 03, 2007 08:22 ET (13:22 GMT)

Copyright (c) 2007 Dow Jones&Company, Inc.

 

schöner sprung nach oben:-))  

DELPHI CORP. REGISTERED SHARES DL -,01
      WKN:    918726     ISIN:US2471261055  Branche:§Sonstige Kraftfahrzeugi... Land: USA

Times & Sales
   Uhrzeit      Kurs§letztes Volumen kumuliert
  15:36:02     0,189     7.000 1.121.630          §
  15:34:24     0,185    45.000 1.114.630          §
  15:29:00      0,19    12.500 1.069.630          §
  15:27:53      0,19    20.000 1.057.130          §
  15:24:47     0,214     5.000 1.037.130          §
  15:24:36     0,204    55.000 1.032.130          §
  15:23:46      0,20    10.000   977.130          §
  15:23:26     0,199    10.000   967.130          §
  15:22:58     0,194    40.000   957.130          §
  15:22:17     0,193     5.000   917.130          §
  15:17:20     0,193     2.000   912.130          §
  15:09:34      0,19    15.000   910.130          §
  15:08:50     0,185    16.850   895.130          §
  15:02:13     0,185    19.300   878.280          §
  14:59:26      0,18    20.000   858.980          §
  14:59:05     0,178    17.050   838.980          §
  14:58:12      0,18    30.000   821.930          §
  14:57:50     0,175    33.850   791.930          §
  14:57:01     0,172    20.000   758.080          §
  14:56:22     0,171    31.560   738.080          §
  14:55:54      0,17   527.120   706.520          §
  14:54:31     0,166    17.955   179.400          §
  14:45:30     0,165    10.000   161.445          §
  14:41:13     0,163    31.540   151.445          §
  14:34:45     0,159    25.000   119.905          §
  14:32:37     0,157    20.000    94.905          §
  14:28:26     0,154    10.000    74.905          §
  12:07:38      0,15    17.955    64.905          §
  11:51:01     0,147    20.000    46.950          §
  10:49:07     0,154     1.950    26.950          §
  09:51:39     0,154    10.000    25.000          §
  09:47:12      0,15    15.000    15.000          §
  09:03:02      0,15         0§0  

 

bei den tollen und vielen news der letzten tage muss doch bald der kurs explodieren.



07.12.2007 17:34
Judge approves Delphi plan changes
NEW YORK (AP) - A judge in the Delphi bankruptcy case on Friday approved changes to a plan by investors to inject as much as $2.55 billion into the auto parts maker, moving it closer to an exit from court protection.

Hedge fund Appaloosa Management LP and five other investors would get equity stakes in a reorganized Delphi Corp. (Nachrichten) They are the lead investors in a plan that is key to the company's ability to emerge from bankruptcy.

The group has twice received the court's approval for different versions of its proposal, and this latest approval was designed to clear the way to a vote on the company's Chapter 11 plan.

Appaloosa founder David Tepper said Thursday, 'We made a deal. We're just trying to get it done. We'd like to see this thing come out of bankruptcy, if we can.'

The Troy, Mich.-based company had faced opposition to the equity plan from creditors, shareholders and the International Union of Electronic Workers of America, a labor union representing the second largest group of Delphi workers. They had opposed a Nov. 14 proposal that was made to be more favorable to the equity investors led by Appaloosa, at the expense of creditors and current shareholders. But earlier this week, Delphi reached an agreement that cleared the way to the judge's approval.

That agreement, announced Monday, decreased slightly the discount investors will get on new shares, but increased a dividend they will get on preferred shares.

The investor group led by Appaloosa also includes Harbinger Capital Partners Master Fund I Ltd.; Merrill Lynch, Pierce, Fenner&Smith Inc.; UBS Securities LLC; Pardus Capital Management LP, and Goldman Sachs Group Inc.


Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


 

AP
Judge Approves Delphi Plan Changes
Friday December 7, 11:16 am ET
By Vinnee Tong, AP Business Writer  
Bankruptcy Judge Approves Changes to $2.55 Billion Delphi Investment Agreement


NEW YORK (AP) -- A judge in the Delphi bankruptcy case on Friday approved changes to a plan by investors to inject as much as $2.55 billion into the auto parts maker, moving it closer to an exit from court protection.
ADVERTISEMENT
 


Hedge fund Appaloosa Management LP and five other investors would get equity stakes in a reorganized Delphi Corp. They are the lead investors in a plan that is key to the company's ability to emerge from bankruptcy.

The group has twice received the court's approval for different versions of its proposal, and this latest approval was designed to clear the way to a vote on the company's Chapter 11 plan.

Appaloosa founder David Tepper said Thursday, "We made a deal. We're just trying to get it done. We'd like to see this thing come out of bankruptcy, if we can."

The Troy, Mich.-based company had faced opposition to the equity plan from creditors, shareholders and the International Union of Electronic Workers of America, a labor union representing the second largest group of Delphi workers. They had opposed a Nov. 14 proposal that was made to be more favorable to the equity investors led by Appaloosa, at the expense of creditors and current shareholders. But earlier this week, Delphi reached an agreement that cleared the way to the judge's approval.

That agreement, announced Monday, decreased slightly the discount investors will get on new shares, but increased a dividend they will get on preferred shares.

The investor group led by Appaloosa also includes Harbinger Capital Partners Master Fund I Ltd.; Merrill Lynch, Pierce, Fenner & Smith Inc.; UBS Securities LLC; Pardus Capital Management LP, and Goldman Sachs Group Inc.


 

den nächsten tagen/wochen hin geht.
ich bin jedenfalls optimistisch und bleibe investiert...
sollten das mit den investoren klappen sehen wir kurzfristig viel höhere kurse    

Press Releases
Delphi celebrates 10 years and plans further growth in Romania
Release Date: December 07, 2007

Sannicolau Mare, Romania — Delphi organization celebrates 10 years of doing business in Romania, at the same time expanding with the recently announced new diesel engine management system (EMS) components plant in Iasi.

The company has been operating in the country since 1997 when the first plant in Sannicolau Mare was opened. Today, Delphi's two manufacturing Electrical/ Electronic Architecture (EEA) facilities in Sannicolau Mare and Ineu (northwest of Romania) employ collectively 10,000 people.

The anniversary creates a great occasion to summarize achievements and recognize employees who have been with Delphi from the beginning. Special events with personnel in Sannicolau Mare and Ineu took place in early December during which local authorities recognized Delphi for its commitment to development in the region.

"Having worked together for a decade, we built a team of professionals that still has perspective for further growth," said Cristian Gulicska, Delphi Packard EEA Romania Country Director. "We faced numerous challenges and proved that we are ready for further opportunities. From a time perspective, we consider the decision to establish operations in Romania successful."

Delphi's investment criteria for Romania, as for all new regions, were to follow the group's vehicle-maker customers, develop a skilled workforce, use the existing infrastructure and obtain local government support.

Electrical/ Electronic Architecture plant in Sannicolau Mare and Ineu

Delphi started its business in Romania with Electrical and Electronic Distribution Systems (E/EDS) production to support European car production. In 1999, Delphi completed the site development and construction of the second building in Sannicolau Mare. From 8,200 sqm in the beginning, the site was expanded to accommodate more customer programs and has grown to 22,000 sqm today.

The construction of the plant in Ineu began in May 2004. In November 2004, the first finished harness was manufactured. Today, the Delphi plant in Ineu is the main employer in the Arad area.

Delphi plants in Sannicolau Mare and Ineu manufacture Electrical/Electronic Architecture for several European automakers. The plants supply wiring harnesses —body, interior, doors and small harnesses — to customer assembly plants located in Western and Eastern Europe.

Delphi recently announced that its Romanian plants deliver their products for the new Renault Twingo model, having a short delivery time to the automaker's Novo Mesto assembly plant in Slovenia. The wiring system is manufactured under the Kaizen Manufacturing System to ensure best-in-class quality and delivery. Delphi also supplies from Romania the complete Electrical/ Electronic Distribution Systems for the recently introduced Mercedes-Benz C-Class.

Delphi's plants in Romania are committed to being a clean, safe and efficient workplace — offering opportunities for employees at all levels. As everywhere else in the world, Delphi offers career development opportunities, professional internal and external training in an environment based on teamwork.

To ensure the proper quality of the products, car manufacturers have always paid great attention to the quality within the complete supply chain. The common quality "language" in the automotive industry has been established through introduction of ISO/TS 16949 - quality standards agreed to by American, European and Japanese car manufacturers. Both Delphi EEA plants in Romania have already been recertified with ISO/TS 16949.

New Delphi Diesel Systems plant in Iasi

In a move to service its growing customer base, Delphi announced plans in mid-July 2007 to open a new diesel engine management system (EMS) components plant. It has already initiated activities in a leased facility (brownfield) which is a pre-existing industrial site in Iasi where Delphi will begin production of diesel pumps and injectors by the end of 2008.

Delphi has well-developed expansion plans that call for several additional investment projects to launch products specified in new business contracts that have already been awarded. Each of these future multi-million-dollar investment projects is for new buildings, machinery and equipment and will support attainment of long-range planned capacity in Iasi. Subject to Delphi's board of directors supporting future investment projects, Delphi's presence in Iasi, could reach more than 1,000 workers and total investment could exceed 100 million euros.

Currently Delphi is continuing its business plan of starting the brownfield operation. This part of our overall project is on schedule and Delphi is working on the planning for the greenfield. For more information about Delphi, visit http://www.delphi.com/media


For more information contact:

Delphi
Agnieszka Przymusinska
Agnieszka.Przymusinska@delphi.com
48 12 252 10 33
 

08.12.2007 00:13
Delphi can begin bankruptcy vote process
NEW YORK (AP) - Delphi Corp. (Nachrichten) can begin soliciting votes for its plan to exit bankruptcy, the company's lawyer said on Friday, a major step toward letting the auto parts maker proceed with a restructuring that would shed thousands of jobs in plants across the country.

Delphi attorney Jack Butler said bankruptcy judge Robert Drain verbally approved the order on Friday and that if all changes the judge requested meet his requirements, he would enter an order on Monday.

Delphi's reorganization plan includes shrinking its unionized work force to a fraction of its former size and shifting manufacturing overseas.

Its proposal would ultimately eliminate 27,000 of 33,000 union jobs and would sell or close 20 factories across the nation and one in Mexico. Remaining and future workers are left with a two-tier wage structure, with new United Auto Workers members earning wages of $14- to $18.50-an hour, down from $27 per hour.

The company expects to begin sending voting material to about 500,000 creditors Dec. 15 and has scheduled a hearing to begin Jan. 17 to confirm its plan. Unsecured creditors -- who would receive 100 percent on their claims as stock and rights to purchase discounted shares -- have until Jan. 11 to decide.

Once it emerges from court protection, the company ultimately plans to employ 6,000 hourly workers at eight U.S. plants, with another two factories running temporarily. It has pinned its future growth on higher revenue from operations in Europe, Asia and South America.

Delphi's cost cutting while in bankruptcy has attracted some of the biggest names in private equity and hedge funds, some of which may become major investors as the company emerges from court protection.

Drain also approved changes to an agreement for hedge fund Appaloosa Management LP and five other investors to inject up to $2.55 billion into Delphi in exchange for shares in the new company.

The company's investment bankers estimate Delphi's enterprise value in a range between $11.2 billion and $14.1 billion, with stakeholders in the case agreeing to use a value of $13.3 billion for the purposes of the plan.

The investor group led by Appaloosa also includes Harbinger Capital Partners Master Fund I Ltd.; Merrill Lynch, Pierce, Fenner&Smith Inc.; UBS Securities LLC; Pardus Capital Management LP, and Goldman Sachs Group Inc.

Early this year, private equity giant Cerberus Capital Management LP had been part of the equity group but opted to drop out of the deal. Hedge fund Highland Capital Management LP, meanwhile, had pressed to be included in December 2006 and again in July, but both times was rejected in favor of the Appaloosa group.

To help it exit bankruptcy, Delphi also plans to take $6.8 billion in loans, including $5.2 billion to replace its current debtor-in-possession loans. It is still securing agreements for the financing. The hearing that resumed Thursday and continued on Friday had been delayed as the company dealt with the objections and as it seeks exit financing, since credit has become less available amid the subprime mortgage crisis.

Delphi entered bankruptcy under duress from its close ties to the ailing auto industry and because of labor costs that had become burdensome. Its condition worsened after it was spun off from parent company General Motors Corp. in 1999. GM remains its biggest customer, and the automaker was a key stakeholder in negotiations throughout Delphi's case.

Delphi has diversified its customer base in recent years, and last year reported sales of more than $750 million from several major automakers, such as Ford Motor Co., Chrysler LLC, Volkswagen Group, Hyundai and Renault/Nissan Motor Co. Delphi chief restructuring officer John Sheehan said Thursday that the company has been signing up $2 billion in new business each month.

The eight plans that will remain in operation are in: Brookhaven, Miss.; Clinton, Miss.; Grand Rapids, Mich.; Kokomo, Ind.; Lockport, N.Y.; Rochester, N.Y.; Vandalia, Ohio; and Warren, Ohio. Two others will be kept running temporarily; they are in Flint, Mich., and on Needmore Road in Dayton, Ohio. Twenty other U.S. factories and one in Mexico have either been sold, will be sold or have shut down.

Delphi entered bankruptcy protection in October 2005.


Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.







Klicken Sie hier, um weitere aktuelle Nachrichten zum Unternehmen zu finden:

  DELPHI CORPORATION


 

08.12.2007 00:13
Delphi can begin bankruptcy vote process
NEW YORK (AP) - Delphi Corp. (Nachrichten) can begin soliciting votes for its plan to exit bankruptcy, the company's lawyer said on Friday, a major step toward letting the auto parts maker proceed with a restructuring that would shed thousands of jobs in plants across the country.

Delphi attorney Jack Butler said bankruptcy judge Robert Drain verbally approved the order on Friday and that if all changes the judge requested meet his requirements, he would enter an order on Monday.

Delphi's reorganization plan includes shrinking its unionized work force to a fraction of its former size and shifting manufacturing overseas.

Its proposal would ultimately eliminate 27,000 of 33,000 union jobs and would sell or close 20 factories across the nation and one in Mexico. Remaining and future workers are left with a two-tier wage structure, with new United Auto Workers members earning wages of $14- to $18.50-an hour, down from $27 per hour.

The company expects to begin sending voting material to about 500,000 creditors Dec. 15 and has scheduled a hearing to begin Jan. 17 to confirm its plan. Unsecured creditors -- who would receive 100 percent on their claims as stock and rights to purchase discounted shares -- have until Jan. 11 to decide.

Once it emerges from court protection, the company ultimately plans to employ 6,000 hourly workers at eight U.S. plants, with another two factories running temporarily. It has pinned its future growth on higher revenue from operations in Europe, Asia and South America.

Delphi's cost cutting while in bankruptcy has attracted some of the biggest names in private equity and hedge funds, some of which may become major investors as the company emerges from court protection.

Drain also approved changes to an agreement for hedge fund Appaloosa Management LP and five other investors to inject up to $2.55 billion into Delphi in exchange for shares in the new company.

The company's investment bankers estimate Delphi's enterprise value in a range between $11.2 billion and $14.1 billion, with stakeholders in the case agreeing to use a value of $13.3 billion for the purposes of the plan.

The investor group led by Appaloosa also includes Harbinger Capital Partners Master Fund I Ltd.; Merrill Lynch, Pierce, Fenner&Smith Inc.; UBS Securities LLC; Pardus Capital Management LP, and Goldman Sachs Group Inc.

Early this year, private equity giant Cerberus Capital Management LP had been part of the equity group but opted to drop out of the deal. Hedge fund Highland Capital Management LP, meanwhile, had pressed to be included in December 2006 and again in July, but both times was rejected in favor of the Appaloosa group.

To help it exit bankruptcy, Delphi also plans to take $6.8 billion in loans, including $5.2 billion to replace its current debtor-in-possession loans. It is still securing agreements for the financing. The hearing that resumed Thursday and continued on Friday had been delayed as the company dealt with the objections and as it seeks exit financing, since credit has become less available amid the subprime mortgage crisis.

Delphi entered bankruptcy under duress from its close ties to the ailing auto industry and because of labor costs that had become burdensome. Its condition worsened after it was spun off from parent company General Motors Corp. in 1999. GM remains its biggest customer, and the automaker was a key stakeholder in negotiations throughout Delphi's case.

Delphi has diversified its customer base in recent years, and last year reported sales of more than $750 million from several major automakers, such as Ford Motor Co., Chrysler LLC, Volkswagen Group, Hyundai and Renault/Nissan Motor Co. Delphi chief restructuring officer John Sheehan said Thursday that the company has been signing up $2 billion in new business each month.

The eight plans that will remain in operation are in: Brookhaven, Miss.; Clinton, Miss.; Grand Rapids, Mich.; Kokomo, Ind.; Lockport, N.Y.; Rochester, N.Y.; Vandalia, Ohio; and Warren, Ohio. Two others will be kept running temporarily; they are in Flint, Mich., and on Needmore Road in Dayton, Ohio. Twenty other U.S. factories and one in Mexico have either been sold, will be sold or have shut down.

Delphi entered bankruptcy protection in October 2005.


Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.







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  DELPHI CORPORATION


 

08.12.2007 00:13
Delphi can begin bankruptcy vote process
NEW YORK (AP) - Delphi Corp. (Nachrichten) can begin soliciting votes for its plan to exit bankruptcy, the company's lawyer said on Friday, a major step toward letting the auto parts maker proceed with a restructuring that would shed thousands of jobs in plants across the country.

Delphi attorney Jack Butler said bankruptcy judge Robert Drain verbally approved the order on Friday and that if all changes the judge requested meet his requirements, he would enter an order on Monday.

Delphi's reorganization plan includes shrinking its unionized work force to a fraction of its former size and shifting manufacturing overseas.

Its proposal would ultimately eliminate 27,000 of 33,000 union jobs and would sell or close 20 factories across the nation and one in Mexico. Remaining and future workers are left with a two-tier wage structure, with new United Auto Workers members earning wages of $14- to $18.50-an hour, down from $27 per hour.

The company expects to begin sending voting material to about 500,000 creditors Dec. 15 and has scheduled a hearing to begin Jan. 17 to confirm its plan. Unsecured creditors -- who would receive 100 percent on their claims as stock and rights to purchase discounted shares -- have until Jan. 11 to decide.

Once it emerges from court protection, the company ultimately plans to employ 6,000 hourly workers at eight U.S. plants, with another two factories running temporarily. It has pinned its future growth on higher revenue from operations in Europe, Asia and South America.

Delphi's cost cutting while in bankruptcy has attracted some of the biggest names in private equity and hedge funds, some of which may become major investors as the company emerges from court protection.

Drain also approved changes to an agreement for hedge fund Appaloosa Management LP and five other investors to inject up to $2.55 billion into Delphi in exchange for shares in the new company.

The company's investment bankers estimate Delphi's enterprise value in a range between $11.2 billion and $14.1 billion, with stakeholders in the case agreeing to use a value of $13.3 billion for the purposes of the plan.

The investor group led by Appaloosa also includes Harbinger Capital Partners Master Fund I Ltd.; Merrill Lynch, Pierce, Fenner&Smith Inc.; UBS Securities LLC; Pardus Capital Management LP, and Goldman Sachs Group Inc.

Early this year, private equity giant Cerberus Capital Management LP had been part of the equity group but opted to drop out of the deal. Hedge fund Highland Capital Management LP, meanwhile, had pressed to be included in December 2006 and again in July, but both times was rejected in favor of the Appaloosa group.

To help it exit bankruptcy, Delphi also plans to take $6.8 billion in loans, including $5.2 billion to replace its current debtor-in-possession loans. It is still securing agreements for the financing. The hearing that resumed Thursday and continued on Friday had been delayed as the company dealt with the objections and as it seeks exit financing, since credit has become less available amid the subprime mortgage crisis.

Delphi entered bankruptcy under duress from its close ties to the ailing auto industry and because of labor costs that had become burdensome. Its condition worsened after it was spun off from parent company General Motors Corp. in 1999. GM remains its biggest customer, and the automaker was a key stakeholder in negotiations throughout Delphi's case.

Delphi has diversified its customer base in recent years, and last year reported sales of more than $750 million from several major automakers, such as Ford Motor Co., Chrysler LLC, Volkswagen Group, Hyundai and Renault/Nissan Motor Co. Delphi chief restructuring officer John Sheehan said Thursday that the company has been signing up $2 billion in new business each month.

The eight plans that will remain in operation are in: Brookhaven, Miss.; Clinton, Miss.; Grand Rapids, Mich.; Kokomo, Ind.; Lockport, N.Y.; Rochester, N.Y.; Vandalia, Ohio; and Warren, Ohio. Two others will be kept running temporarily; they are in Flint, Mich., and on Needmore Road in Dayton, Ohio. Twenty other U.S. factories and one in Mexico have either been sold, will be sold or have shut down.

Delphi entered bankruptcy protection in October 2005.


Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.