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Electronics Production |

Delphi plays with creditors?

The U.S. automotive supplier Delphi is - according to a report from the Financial Times – close to ‘shutting down’. "The debtors lose money to an ever increasing and alarming extent," cites the newspaper a report, which was filed by one of Delphi’s creditors - Highland Capital – to a New York bankruptcy court.

The company already had to file for bankruptcy over three years ago. Now, as the loans worth more than $4 billion are going to expire by the end of the year, the situation for Delphi has not improved significantly. If the liquidation of the company is necessary – then – the dismantling of the company seems to be the most viable option, the report goes on. Highland Capital now wants to prevent Delphi from receiving an additional $300 million loan (in addition to the existing loan of $650 million) from GM. The hedge fund speculates (and fears!) that this is might be a covert takeover by GM. The additional credit would give the ex-parent company certain veto rights within Delphi, the Financial Times reports.

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March 28 2024 10:16 am V22.4.20-1
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