Saturday, 23 May 2015
Last updated 11 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…