Delphi Creditors vs. Appaloosa

June 2nd, 2008
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Appaloosa backed out of its deal to help Delphi Corp avoid bankruptcy. The hedge fund offered to buy a $2.55 billion interest in Delphi Corp, an auto parts manufacture that supplies to GM. Their original interest came because they thought if they changed the way the company operated there could be a significant improvement in the stock price. However they now state that Delphi is too reliant on GM and this could scare off other auto manufacturers from buying from them, after all the company was originally part of GM. Now Delphi's creditors are jumping in to pressure Appaloosa to keep its word and invest.
For Detailed Investor Profiles on these Investors, click below:
Appaloosa Management
Related People: David Tepper; Jack Walton
Related Entities: Palomino Funds.

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