|
Published: July 27, 2009 11:59 pm
DELPHI: Creditors win in auction for company's assets
THE ASSOCIATED PRESS
NEW YORK — Auto parts maker Delphi Corp. said Monday its creditors won out over a California private-equity firm in an auction for the company’s assets as it moves to emerge from bankruptcy protection.
Troy, Mich.-based Delphi said creditors led by JPMorgan Chase Bank had the successful bid. The lenders submitted a credit bid, which would involve them forgiving the combined $3.45 billion in debt owed them by Delphi.
The deal is backed by General Motors Co. Delphi was a GM parts subsidiary until it was spun off as an independent supplier in 1999. The interests of the two companies remained intertwined because of GM’s dependence on parts from Delphi and Delphi’s need for financing.
Delphi said that a deal announced in June with an affiliate of Beverly Hills, Calif.-based Platinum Equity is now considered the “alternate transaction” behind the deal with the creditors.
It said the deal with the creditors has a similar structure to the one struck in June with Platinum, under which Platinum would have acquired the right to operate most of Delphi’s businesses with the help of billions of dollars in aid from GM.
In exchange, GM would get certain parts of Delphi, including its Lockport plant and Saginaw, Mich.-based steering business, and much needed assurance of a steady supply of the parts it needs to produce its cars and trucks. Other “noncore” plants and assets would be sold off over time.
The creditors’ bid has to be approved by bankruptcy court, and any objections must be filed by the end of business today, Delphi said.
Delphi filed for Chapter 11 in October 2005. It still produces about 10 percent of the parts used in GM’s global production and its components go into nearly all of GM’s North American production lines.
|
|
|
|
 |
Grill Cook
GRILL COOK & Waitresses, exp only, full time. Apply within 2021 Main St. Nia Falls ...>MORE
INSURANCE - CSR with Personal Lines exp., for Lockport area. $25,000 salary. 433-7504...>MORE
Physical Therapy Assistant
PHYSICAL THERAPY
ASSISTANT (PTA)
Looking for a self-motivated PTA to provide PT services for premier lo...>MORE
Driver
DRIVERS – CDL A
TEAM DRIVERS NEEDED FOR
DEDICATED RUNS
No touch freight............Good miles
...>MORE
RN
JOB FAIR!!
Thurs., Nov 19, 2009, 11:00-5:00
RECRUITING FOR
FT Physical Therapist
RN’s
LPN’s
...>MORE
Driver
DRIVERS – CDL A
TEAM DRIVERS NEEDED FOR
DEDICATED RUNS
No touch freight............Good miles
...>MORE
SHIPPING CLERK
Shipping Clerk, p/t, 30-35 hrs. wk., exp. in warehouse environment, knowledge of Word/Excel, data entry, UPS, freight ch...>MORE
PHONE SALES
PHONE sales, great pay, exp. a plus, nice NT office, FT/PT, hrly. +, Pete or Mike, 694-1251...>MORE
Information Technology
INFORMATION TECHNOLOGY - Niagara County Community College is seeking a Director of User and Administrative Technology Se...>MORE
DRIVER
Driver, light pick up & delivery, need own car, no WNY, valid NYS driver lic., good pay 694-1251...>MORE
See all ads |
1996 Ford Escort
FORD 1996 Escort 4 cyl, 2 dr, exc cond in & out, no rust, 1 owner, only 61k orig mi, $2195. 523-7102...>MORE
Dodge 1993 Dakota 4x4
FORD 1999 WIndstar, LX, fully loaded, 38k miles, $3850. Excellent condition 860-4747...>MORE
VW 2001 Beetle
VW 2001 Beetle, loaded, GLX turbo, exc. cond, all service records, fun to drive, blue bk $5600, take best offer, 990-06...>MORE
Ford 1998 F150
FORD 1998 F150, standard cab, 4wd, excellent shape, $3495.
716-525-2889...>MORE
Ford 1999 Windstar
FORD 1999 WIndstar, LX, fully loaded, 38k miles, $3850. Excellent condition 860-4747...>MORE
Junior Accountant
Auto Detailer full time, exp. pref. Apply at David Chevy Buick Pontiac, 10225 Nia Falls Blvd. or 298-9700 ask for Frank....>MORE
Yamaha 1982, 750
YAMAHA 1982, 750, runs perfect,
low mileage, $895.
716-525-2889...>MORE
Ford 2001 Taurus
Ford 2001 Taurus Station wagon, well maintained, 112,000 miles Siver ext. 4 dr, auto, asking $2800/BO. 716-772-2454....>MORE
Monte Carlo Z24 1998
MONTE CARLO Z24, 1998, runs good, average miles, excellent shape, $1800 , 990-2303...>MORE
1999 Dodge Caravan
DODGE 1999 Caravan, 33, V6, auto, A/C, 99k miles, good cond., runs great. $1950. 525-7796...>MORE
See all ads |
|
See all ads |
|
 |
|
Print this story
E-mail this story
