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Creditors Balk At Delphi's Disclosure Statement

Law360 (November 26, 2007, 12:00 AM EST) -- The official committee of unsecured creditors has objected to bankrupt Delphi Corp.'s disclosure statement, saying that the recovery for the unsecured creditors has deteriorated while the opposite is true for plan investors.

In a motion filed Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, the committee said the latest amendments to their recovery area go too far.

In the first proposal, the general unsecured creditors were to receive payment of par plus post-petition interest, 80% in cash and 20% in stock....
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