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Lenders mull offer for bankrupt Delphi – NY post

Posted on: June 19, 2009


Reuters – Friday, June 19

June 18 – Bankrupt U.S. auto parts maker Delphi Corp’s <DPHIQ.PK> debtor-in-possession lenders are mulling an offer for the company, the New York Post said, citing a person familiar with the matter.

Hedge fund Elliott Associates, one of the firms that lent money to Delphi through a $2.9 billion DIP credit line, is seen as a possible lead bidder among the DIP lenders, the paper said.

Delphi could not be reached for comment.

Delphi, which filed for bankruptcy in 2005, said earlier this month it had reached a deal to sell most of its global operations to private equity firm Platinum Equity. The deal includes $4 billion in funding from bankrupt General Motors Corp <GMGMQ.PK>, which spun off Delphi in 1999. [ID:nN01473610]

U.S. Bankruptcy Judge Robert Drain said at that time Delphi had to open its sale up to other investors in an auction. The auction will take place on July 17 if additional bidders come forward, according to court documents filed on Tuesday.

Another source told the New York Post that billionaire activist investor Carl Icahn was leaning toward not putting together a bid for Delphi.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by Dan Lalor)

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