Saturday, 26 July 2014
Last updated 22 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…