Delphi’s recent money woes relating to its exit financing just got worse as one of the investors, Appaloosa Management, announced a termination of its investment on Friday. The termination notice came in the form of a letter filed with the U.S. Securities and Exchange Commission and named Delphi’s arrangements with GM among other reasons as the reasons for withdrawal. It does, however, remain open to other arrangements. Appaloosa was leading a $2.55 billion equity plan to contribute to the $6.1 billion Delphi required for financing its exit from bankruptcy. GM recently upped its contributions to $2.8 billion from $2.1.

The notice came at the very last minute, as Delphi, GM and other shareholders met this morning to finalize the reorganization transaction, as per Automotive News. In its statement in response to the move, Delphi suggested legal action against Appaloosa may be forthcoming.

“We are prepared to pursue actions that are in the best interests of Delphi and its stakeholders,” said John Sheehan, Delphi’s VP and chief restructuring officer, in a statement.

GM echoed Delphi’s disappointment, but was quick to pledge its continued support of Delphi’s efforts to emerge from bankruptcy.

Appaloosa’s statement maintains it’s willing to negotiate mutually acceptable alternative transactions, in which they “would participate in a capacity different than currently envisioned by the agreement.”

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