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Last updated 3:30AM ET
February 25, 2021
Alabama
Alabama
Delphi Bankruptcy Exit in Jeopardy
(2008-02-13)
(APR - Alabama Public Radio ) - A plan by auto parts supplier Delphi to exit bankruptcy by the end of next month is in jeopardy as it struggles to get $6.1 billion in loans in the tight credit market. Delphi operates three plants in Alabama.

If the company does not secure exit financing by the end of March, equity investors could abandon a deal to invest as much as $2.55 billion. The deal is crucial to Delphi's ability to emerge from Chapter 11 protection.

Delphi spokesman Lindsey Williams declined to say how much of the needed loans are secured.

A General Motors executive said credit market conditions have prevented Delphi from getting the loans it needs. GM is one of Delphi's biggest customers.

(Copyright 2008 by The Associated Press. All Rights Reserved.)
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