Wednesday, 22 October 2014
Last updated 10 hours ago
Feb 14 2008 | 1:00am ET
Hedge fund Appaloosa Management’s rescue plan for bankrupt auto-parts maker Delphi Corp. is in jeopardy, a potential victim of the continuing credit crisis.
Troy, Mich.-based Delphi must secure $6.1 billion in exit financing by the end of March—while keeping interest costs below $585 million this year—or Appaloosa could pull out of the deal.
Last year, a group led by Appaloosa and including fellow hedge funds Harbinger Capital Partners and Pardus Capital Management, among others, struck a deal to invest up to $2.55 billion Delphi to help it exit bankruptcy protection.
Delphi said some of the financing has been completed. Still, the company’s former parent, General Motors, is preparing for the possibility the deal will fall through.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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