Loading…
Monday, December 22, 2014
Current Weather
Loading Current Weather....
Published: Wednesday, 3/12/2008

Delphi offers shares in reorganized company

Delphi Corp., a bankrupt former parts unit of General Motors Corp., opened a 20-day rights offering to sell $2.87 billion worth of shares in the reorganized company.

The offering includes about 21.7 million shares at $59.61 available to existing shareholders, Troy, Michigan-based Delphi said in U.S. regulatory filing today. About 41 million shares are available to creditors at a discounted rate of $38.39.

Investors led by Appaloosa Management LP have agreed to buy all the discounted shares that creditors don t purchase. The group also plans to purchase an additional $800 million in preferred shares and $175 million in common shares on the date the company leaves bankruptcy, for a potential investment of $2.55 billion.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.