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Pensions & Investments, December, 2006
Delphi buyout agreement will help fund pension plans TROY, Mich. - Delphi Corp. reached an agreement with five buyout firms that will invest up to $3.4 billion in the auto parts manufacturer to support its reorganization, enabling Delphi to retain its U.S. defined benefit plans, confirmed spokeswoman Claudia Piccinin.
The group of investors - Appaloosa Management, Cerberus Capital Management, Harbinger Capital Partners, Merrill Lynch and UBS Securities - will pump between $1.4 billion and $3.4 billion into Delphi, which filed for Chapter 11 bankruptcy protection in October 2005, in exchange for company stock that will be issued in 2007, according to a company filing with the SEC Dec. 18. The deal will allow Delphi to take steps toward funding its pension...
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