Thursday, 25 December 2014
Last updated 1 day ago
Oct 28 2010 | 4:09am ET
Keeping auto-parts maker Delphi Corp. in business has cost General Motors some $12 billion. But the firm’s troubles are poised to prove highly profitable for a pair of hedge funds.
Elliott Management and Silver Point Capital could make more than $1.5 billion if Delphi goes public next year, as expected, the New York Post reports. The two hedge funds turned $2.9 billion in Delphi debt—which they acquired for about 15 cents on the dollar—into an 18% stake in the company after using their position as creditors to block the sale of Delphi to a private-equity firm that would have left lenders with almost nothing.
The stake has more than doubled in value since Delphi exited bankruptcy last October. At the time, it was worth $640 million.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.