Delphi emerges from bankruptcy
The exact details of the plan have not been publicly disclosed. Delphi is now a privately held company and doesn't have to reveal financial information.
By Agencies |
NEW YORK: Auto supplier Delphi said on Tuesday that it has completed a deal with its lenders to allow it to exit bankruptcy nearly four years to the day it filed for reorganization.
Delphi Holdings LLP, created by the company's emergence from bankruptcy court oversight, said it has finished acquiring most of Delphi Corp.'s core businesses as called for in its restructuring plan.
Rodney O'Neal will remain the Troy, Michigan-based company's president and CEO. The company's current executives will continue to manage its global operations, Delphi said.
On July 30, the judge overseeing Delphi's case approved the auto supplier's plan to hand control of the company to its lenders and pave the way for it to emerge from bankruptcy.
The exact details of the plan have not been publicly disclosed. Delphi is now a privately held company and doesn't have to reveal financial information.
Delphi filed for bankruptcy 11 on Oct. 8, 2005. At the time, it was the largest bankruptcy ever in the industry and the 13th largest in U.S. history with $17.1 billion in assets.
The filing also marked a turning point in the industry, which had already been weakened by high labor costs and increasing foreign competition. It foreshadowed the rash of supplier bankruptcies and those of General Motors and Chrysler
Delphi Holdings LLP, created by the company's emergence from bankruptcy court oversight, said it has finished acquiring most of Delphi Corp.'s core businesses as called for in its restructuring plan.
Rodney O'Neal will remain the Troy, Michigan-based company's president and CEO. The company's current executives will continue to manage its global operations, Delphi said.
On July 30, the judge overseeing Delphi's case approved the auto supplier's plan to hand control of the company to its lenders and pave the way for it to emerge from bankruptcy.
The exact details of the plan have not been publicly disclosed. Delphi is now a privately held company and doesn't have to reveal financial information.
Delphi filed for bankruptcy 11 on Oct. 8, 2005. At the time, it was the largest bankruptcy ever in the industry and the 13th largest in U.S. history with $17.1 billion in assets.
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The filing also marked a turning point in the industry, which had already been weakened by high labor costs and increasing foreign competition. It foreshadowed the rash of supplier bankruptcies and those of General Motors and Chrysler
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