Goldman Sachs Joins Delphi Bailout Plan

Law360, New York (March 20, 2007, 12:00 AM EDT) -- Goldman Sachs Group Inc. disclosed Monday that it has joined a $3.4 billion bailout plan that Delphi Corp. hopes will serve as the springboard for its emergence from bankruptcy protection.

In a filing with the Securities and Exchange Commission, Goldman Sachs said it would buy up to 6.4 million shares of Delphi as part of the auto supplier’s rights offering, which is being headed by hedge funds Appaloosa Capital Management LP and Cerberus Capital Management LP.

The investment bank already beneficially owns 18.7 million shares of...
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