Electronics Production | October 07, 2009
Delphi out of bankruptcy
Delphi Holdings LLP has completed the acquisition of substantially all of Delphi Corporation's global core businesses as part of the consummation of the Delphi Corporation Modified Plan of Reorganization.
Rodney O'Neal will remain President and CEO and the current leadership will continue to manage the company's global operations. Delphi's balance sheet will be sufficiently capitalized to invest in technology, and to absorb planned restructuring and resultant social costs as the company consolidates excess capacity around the world, O'Neal said. "We expect 2010 gross engineering and R&D spending to be about 11 percent of sales, allowing us to maintain our intense focus on technologies, products and services that help our customers deliver vehicles that are safer, greener and allow purchasers to remain connected to their busy lives." The company's product portfolio remains centered on electronics and safety; powertrain; thermal; electrical and electronic systems; OE service; and the independent aftermarket. Completion of the transaction in Russia and South Africa is subject to pending regulatory approvals. The acquisition was led by Elliott Management and Silver Point Capital in their capacity as senior creditors of Delphi. Representatives from Elliott and Silver Point jointly stated that, "As major investors in the new Delphi, we believe this transaction will provide a solid financial foundation for the company's growth and success as a world leader in the global automotive industry. We are extremely pleased to have played a significant role in the creation of the new Delphi."