Delphi Creditors Oppose Class Action Settlements

Law360, New York (October 22, 2007, 12:00 AM EDT) -- Five of Delphi Corp.'s creditors objected on Friday to agreements the company reached earlier this year to settle securities and employment class actions pending in a multidistrict litigation, saying the proposed settlements were unfair to senior creditors.

Castlerigg Master Investments Ltd., CR Intrinsic Investors LLC, Davidson Kempner Capital Management LLC, Elliot Associates LP and SPCP Group LLC, which filed the joint objection, said in their motion that they held senior notes from Delphi issued in 1999 with a total principal value of about $420 million....
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