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$3.4B Financing May Save Delphi Pensions

Law360 (December 18, 2006, 12:00 AM EST) -- Delphi Inc. will receive up to $3.4 billion in investments from a group of investors, which the bankrupt auto parts maker said would provide enough capital for it to meet its pension obligations.

Appaloosa Management LP, Cerberus Management LP, Harbinger Capital Partners Master Fund I Ltd., Merrill Lynch & Co. and UBS Securities LLC have all pledged to invest in Delphi’s preferred and common stock.

Under the agreement, reached Monday, the investors would purchase $1.2 billion of convertible preferred stock and $200 million of common stock...
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