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March 1, 2021
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DELPHI-BANKRUPTCY
(2008-03-06)
(wgvu) - - GENERAL MOTORS HAS AGREED TO OFFER TWO LOANS
WORTH NEARLY THREE BILLION DOLLARS TO HELP DELPHI EMERGE FROM
BANKRUPTCY.
GM SAYS IT WOULD TAKE A TWO BILLION DOLLAR FIRST-LIEN TERM NOTE
AND ANY UNSUBSCRIBED PORTION OF AN 825 MILLION DOLLAR SECOND-LIEN
TERM LOAN.
THE DETROIT AUTOMAKER IS HIGHLY DEPENDENT ON DELPHI FOR PARTS.
DELPHI HAD BEEN GM'S AUTO PARTS DIVISION UNTIL A 1999 SPIN-OFF.
THE AUTO PARTS SUPPLIER HAS STRUGGLED TO GET A TOTAL LOAN
PACKAGE WORTH $6.1 BILLION AS CREDIT MARKETS WENT INTO TURMOIL IN
THE WAKE OF THE SUBPRIME HOUSING CRISIS.
DELPHI HAS BEEN OPERATING IN BANKRUPTCY SINCE OCTOBER 2005. ITS
CASE COSTS THE COMPANY MORE THAN 12 MILLION DOLLARS A MONTH IN FEES
TO BANKRUPTCY LAWYERS AND FINANCIAL ADVISERS.
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