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Delphi Chooses Appaloosa’s Bid Over Highland’s

Law360 (January 11, 2007, 12:00 AM EST) -- Delphi Corp., which decided Wednesday to pursue court approval of a $3.4 billion bailout plan from a group of hedge funds, is now fighting a handful of objectors who want it to accept a rival proposal.

A court hearing on the matter began Thursday before the U.S. Bankruptcy Court in Manhattan, pitting Delphi against its equity holders, some of its labor unions and the U.S. Trustee involved in the case.

If Delphi’s management gets its way, it will finalize an agreement reached Dec. 18 with Appaloosa...
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