Judge Lets Delphi Add $254M To DIP Financing

Law360, New York (May 30, 2008, 12:00 AM EDT) -- A judge gave Delphi Corp. permission on Thursday to borrow $254 million more than it originally planned as part of its bankruptcy financing package.

The loan expands the company's existing $4.1 billion DIP facility. Delphi asked Bankruptcy Judge Robert Drain to borrow the money on May 9.

The company said at the time that its lenders had proven more generous than expected and that the added liquidity would help Delphi deal with “unprecedented financial market volatility and uncertainty in the economy and the automotive industry.”...
To view the full article, register now.