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Last updated 7:24AM ET
March 6, 2021
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Delphi Bankruptcy
(2007-11-07)
(wgvu) - WASHINGTON (Dow Jones/AP) - Delphi has asked a court to approve
a preliminary $6.8 billion exit-financing deal with JP Morgan
Securities, JP Morgan Chase Bank and Citigroup Global Markets.
Delphi has been forced to scale back its reorganization plan
because of difficulty securing debt financing.
The Troy-Mich.-based auto parts supplier is seeking approval to
pay fees connected with the financing and begin the process of
trying to syndicate the loan.
Delphi says in papers filed with the U.S. Bankruptcy Court in
Manhattan it needs to begin the loan-syndication process as early
as possible to "avoid the risk of further disruption in the
capital markets."
A court hearing on the preliminary financing deal is scheduled
for November 16th.
Delphi is a major supplier to General Motors.
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