Hedge Fund Opposes Delphi Buyout Plan

Law360, New York (June 21, 2006, 12:00 AM EDT) -- Distressed-debt hedge fund Appaloosa Management LP reestablished itself as a thorn in Delphi Corp.’s side this Tuesday, coming out against the bankrupt auto parts maker’s proposal to reduce its work force through early-retirement buyouts.

The firm, known for its aggressive tactics in providing liquidity to struggling companies in exchange for a large stake in their business, filed a preliminary objection with the U.S. Bankruptcy Court in Manhattan, stating that Delphi failed to show how the buyouts would help the company.

Appaloosa, the leader of an ad...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.