Monday, 30 November 2015
Last updated 1 hour 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…