Court Greenlights Committee In Delphi Bankruptcy

Law360, New York (March 23, 2006, 12:00 AM EST) -- A bankruptcy court has approved of a plan, hatched by one of Delphi Corp.’s biggest shareholders, to form an equity committee in the auto parts manufacturer’s reorganization proceedings.

Appaloosa Management LLC, a hedge fund led by former Goldman Sachs Group executive David Tepper, had spearheaded a fight to make a separate committee because it felt the auto parts maker had not been truthful about its liabilities when it went bankrupt last year.

The hedge fund, which holds 9.3% of Delphi’s shares, had questioned whether Delphi’s financial...
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