Delphi Owes Unsecured Creditors $300M: Suit

Law360, New York (December 20, 2011, 7:54 PM EST) -- Several general unsecured creditors of former auto parts manufacturer Delphi Corp. sued the company's successors in New York bankruptcy court Tuesday, claiming they have been unfairly denied $300 million they are owed under the company's Chapter 11 plan.

Delphi's reorganization plan, confirmed in July 2009, says the holders of general unsecured claims were entitled to receive distributions once defendant Delphi Automotive LLP disbursed $7.2 billion to its members, according to the plaintiffs — CAI Distressed Debt Opportunity Master Fund Ltd., D-Star Ltd. and others.

Although that...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.