Ripplewood likely to bid $10 bn for Delphi
US buyout firm Ripplewood Holdings is preparing a likely bid for bankrupt auto parts maker Delphi Corp that could top $10bn, The Wall Street Journal reported on Saturday.
By Agencies |
CHICAGO: US buyout firm Ripplewood Holdings is preparing a likely bid for bankrupt auto parts maker Delphi Corp that could top $10bn, The Wall Street Journal reported on Saturday.
Ripplewood, based in New York, has examined the possibility of taking over all of Delphi, but a bid for just part of the company is possible, the newspaper said, citing people familiar with the matter.
The effort is being led by Thomas Stallkamp, a partner at Ripplewood who formerly was president of Chrysler Corp, said the newspaper, which added a bid for all of Delphi would likely top $10bn. Stallkamp and Delphi spokeswoman Claudia Piccinin declined to comment.
Delphi, which filed the biggest bankruptcy in US automotive history in October ’05, has outlined plans to cut several business lines, most of its US union plants and thousands of hourly and salaried workers to reorganise its operations. It hopes to emerge from bankruptcy by mid-’07.
It has attracted interest from others with reports linking Delphi to private equity group Cerberus Capital Management LP and hedge fund Appaloosa Management, which owns a 9.3% stake in Delphi.
ADVERTISEMENT
Delphi is in talks with former parent General Motors Corp, creditors and others about the structure the business will take, possible asset sales and its unionised work force in North America. Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
