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Delphi receives extension to reorganize bankruptcy exit financing

05/01/2008, 11:10 AM

By paulee

Delphi’s efforts to exit bankruptcy protection early last month were thwarted, leaving the giant auto parts supplier at the mercy of the courts. On Wednesday, the U.S. Bankruptcy Court extended Delphi’s reorganization until August and approved a new debtor-in-possession financing deal.

The court granted Delphi an extension to work out alternate financing without outside interference, and approved $4.1 billion of debtor-in-financing that expires at the end of the year in place of $4.5 billion in loans. GM also took on an additional $731 charge for its former division, raising it to a total of $8.3 billion. Throughout 2008, the automaker will also advance $650 million for settlement agreements that it would have paid had Delphi successfully exited protection last month.

Last month, Delphi was ready to exit bankruptcy protection when Appaloosa Management pulled its $2.55 billion equity plan at the last minute, though vowed to participate in an alternate way. Delphi formed a litigation committee as it considers taking legal action against the group.

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05/01, 11:19 AM

posted by:

HemiRoadRunner

The barb wire in the picture looks cool, it gives it an evil look.

05/01, 11:39 AM

posted by:

moto-racer13

what the hell is happening to the domestic auto industry? There’s going to be some really long lines at the unemployment centres.

05/01, 11:41 AM

posted by:

xyunya

HemiRetardRunner and 400SSdonkeys represent domestic auto industry here. How far you think it can go?

05/01, 12:34 PM

posted by:

HemiRoadRunner

Here goes this dip**** again. When is this ****ing geek going to get something else to do. Now let me get back to ****ing your mothers dead body.

05/01, 12:36 PM

posted by:

HemiRoadRunner

Xyunya’s mother’s pussy is real loose, but her ass is pretty tight.

05/01, 12:39 PM

posted by:

xyunya

Be careful HemiRetardedRunner: you exert too much pressure it will burst up. After all, rubber dolls are Chinese made!

05/01, 1:40 PM

posted by:

400horseSS

xyunya, “20 D energizer” look that up in the Ice cube library.

05/01, 3:12 PM

posted by:

xyunya

“20 D energizer contain significantly better mental capacity then one 400horseSS” – Ice cube library

05/01, 9:43 PM

posted by:

autonut

Delphi done themselves in. If they would negotiate honorably it would not happen. Once a crook…

 
 
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