Delphi Sues Appaloosa, Investors Over Failed Deal

Law360, New York (May 19, 2008, 12:00 AM EDT) -- Auto parts maker Delphi Corp. is firing back against its investors, filing suit against hedge fund Appaloosa Management LP, UBS Securities LLC and others after the collapse of Delphi's $2.55 billion investment deal last month derailed its emergence from Chapter 11.

On Friday, Delphi filed two adversary complaints in the U.S. Bankruptcy Court for the Southern District of New York against investors who funded the failed deal, claiming they had breached their contract with Delphi by pulling out after the deal no longer seemed lucrative to...
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