Sunday, 25 September 2016
Last updated 1 day ago
Nov 14 2007 | 7:20am ET
David Tepper, the billionaire president of Appaloosa Management, is set to be grilled by fellow shareholders of auto parts maker Delphi Corp., which the hedge fund plans to pump $2.55 billion into as part of a reorganization plan.
The deposition is part of the shareholder’s battle to stop bankrupt Delphi’s restructuring. Under the plan, the company’s shareholders will only get $69 million—a precipitous decline from the $470 million proposed in the initial plan.
Delphi has also sought to amend the plan to cut borrowing and cash payments to former parent General Motors.
Appaloosa, along with the equity committee, has opposed the plans, but has not withdrawn its August agreement with Delphi.