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I've got the same question,, what about AIG ?
When Delphi comes out of BK will it be with new shares...old one will worthless or what....does anyone know ?
Darn,,still cant find it,, I tried opening the doc's and used the " control-F " feature and nothing came up.
would you help me please ?
Thank you
Pension Agency Presses Delphi, GM
U.S. to Go to Court
Unless Auto Maker
Absorbs Liabilities
By JEFFREY MCCRACKEN
September 11, 2008; Page C3
http://online.wsj.com/article/SB122109686543721951.html?mod=hpp_us_whats_news
The federal government's pension-insurance agency, frustrated by missed pension payments and the lack of a resolution with bankrupt auto-parts titan Delphi Corp., said it would go to court Friday to secure a claim on an additional $900 million in Delphi assets.
The move comes after Delphi missed payments of several hundred million dollars to its pension plan in June and July. The new claims involve Delphi's foreign operations, which are believed to be profitable. Delphi filed for bankruptcy in October 2005 and has struggled to emerge from it.
The Pension Benefit Guaranty Corp. is trying to increase pressure on Delphi and its former parent, General Motors Corp. On Tuesday, the agency sent its second letter in the past month to GM and Delphi executives urging GM to absorb at least $1.5 billion in Delphi pension obligations before Sept. 30. That date is important, according to the PBGC, because afterwards a new pension law takes effect and would make a deal much more costly.
The agency sent its first letter in mid-August, but felt GM and Delphi were dragging their feet and had missed some previous dates to complete a transfer of pension obligations.
The letter to Delphi and GM executives comes as GM and other Detroit auto makers are making a plea to lawmakers in Washington for as much as $50 billion in federal loans. GM's chief executive, Rick Wagoner, will be in Washington on Friday for an energy summit, and is expected to address the issue of government aid to the auto makers.
"I can't speak for the rest of the government, but I assume if GM is asking for assistance from the government generally, the status of the GM-Delphi pension situation would be highly relevant," said PBGC Director Charles E.F. Millard.
Mr. Millard said the agency will hold off on the $900 million claim if GM and Delphi file documents with the U.S. Bankruptcy Court by Friday agreeing to a deal where GM's pension absorbs between $1.5 billion and $3.4 billion in Delphi pension liabilities.
Delphi's pension plan, which covers about 85,000 people, had obligations of $14.05 billion at the end of 2007, but was underfunded by $3.3 billion, according to Securities and Exchange Commission filings. GM's $70 billion pension plan is overfunded by $18 billion, but much of that is already committed to paying off United Auto Workers medical claims, funding employee buyouts and other pending obligations.
Delphi's problems have already cost GM about $11 billion in cash and write-downs. GM racked up losses of $18.8 billion through the first half of the year.
A Delphi spokesman said via email that "we've been engaged in productive discussions and have routinely advised the PBGC of our progress and will continue to do so."
A GM spokeswoman said, "We are engaged and trying to work through a number of issues to help Delphi come up with a plan that allows them to emerge from bankruptcy."
Where did you see this, I still cant find this.
Are you attempting to cause a stock to be manipulated?
I purchased 2000 shares today at .054.
Iteris and Delphi Team to Market Active Safety Technologies for Commercial Truck Market
Iteris Broadens Its Active Safety Portfolio by Becoming Exclusive North American Distributor of Delphi's Forward Collision Warning System for the Heavy Truck Market
Delphi's Forward Collision Warning system is designed to increase driver awareness of tailgating situations and impending collisions to give the driver more time to react.
Delphi's Side Alert blind spot detection system helps commercial vehicle drivers that are changing lanes or engaging in other maneuvers that involve the blind spots on the vehicle.
TROY, MI--(Marketwire - August 4, 2008) - Leaders in advanced traffic management technologies and active safety systems, Iteris, Inc. (AMEX: ITI) and Delphi (PINKSHEETS: DPHIQ) announced that Iteris has been named the exclusive distributor of Delphi's Forward Collision Warning System for North American commercial vehicles. Iteris will utilize its highly successful commercial truck OEM and aftermarket sales channels and application engineering expertise to integrate Delphi's radar-based technology into its product portfolio for heavy truck customers. Iteris will also be authorized to sell Delphi's Side Alert blind spot warning system in North America.
A pioneer in vehicle safety systems, Delphi has more than 35 years experience in developing and manufacturing passive and active safety systems. Delphi began developing active safety more than 20 years ago and was one of the first suppliers to launch a radar-based adaptive cruise control system in 1999. Using the same radar platform, Delphi has continued to add features and functionality to its system including forward collision warning. Additionally, Delphi's Side Alert blind spot detection system helps alert drivers of heavy truck drivers of vehicles in their side blind spots when changing lanes.
With the addition of forward collision and blind spot warning, Iteris now offers a comprehensive suite of active safety driver assistance features that focus on increasing the safe operation of heavy trucks. These features also include Iteris' market-leading vision-based Lane Departure Warning system (LDW) and the Iteris SafetyDirect™ LDW data collection system. The combination of these systems creates an overall best-in-class active safety package, which provides not only lane departure warnings but also assists drivers with longitudinal and lateral awareness support.
"I am excited about our agreement that combines Delphi's unique technology with Iteris' distribution and marketing capabilities to provide Delphi's radar-based warning systems to our fleet and OEM customers," said Abbas Mohaddes, Iteris' president and chief executive officer. "I expect our relationship with Delphi to expand the opportunity for Iteris to provide best-in-class active safety solutions to the heavy truck market and provide a platform to generate additional revenue."
Delphi's Forward Collision Warning system is designed to increase driver awareness of tailgating situations and impending collisions in all weather and lighting conditions. The extra seconds of warning provided by the system help provide drivers with additional time needed to take appropriate action to help avoid a crash. In addition, the system's Headway Alert feature provides long-range sensing to help the driver maintain a safe following distance well beyond the capability of any vision-based system.
Delphi's Side Alert blind spot detection system helps commercial vehicle drivers that are changing lanes or engaging in other maneuvers to resolve some of the challenges from blind spots that exist to the sides of heavy trucks. The blind spot warning system helps drivers avoid or reduce the severity of side-related accidents resulting from collisions with vehicles and objects in the side blind spot. When a vehicle or object is detected the system visually alerts the driver to help avoid an accident. When the turn signal is activated and a vehicle or object is detected an audible alert is also provided.
"Delphi is very pleased to team with Iteris, a prominent commercial vehicle product innovator and distributor, to help provide a more comprehensive and integrated active safety suite for the commercial vehicle market," said Beth Schwarting, vice president of the Delphi Safety Systems product business unit. "Active safety products help to provide drivers of commercial trucks with more time to react to avoid collisions."
Iteris' LDW system was the first-of-its-kind to be deployed in the commercial truck and passenger car markets and it still remains the only vision-based system in mass production in the U.S. and Europe. Iteris has sold over 55,000 LDW systems to the heavy truck market worldwide representing an estimated billion of miles traveled per year. In the U.S., there are currently 65 fleets specifying Iteris' LDW system with a combined fleet size of nearly 49,000 trucks and another 83 fleets with approximately 156,000 trucks conducting field tests.
Iteris' Safety Direct™ system analyzes real-time lane departure warning data captured by Iteris' LDW system and can relay this information directly to fleet operators through integration with the truck's existing fleet communications system. The system provides an immediate warning to fleet operators if their drivers are having difficulty staying in their lanes, often a first indicator of driver drowsiness or other potential problems.
According to the National Highway Traffic Safety Administration, rear-end, lane change and roadway departure crashes account for approximately 3.6 million police-reported crashes each year on U.S. roadways. These three crash types result in about 27,500 of the Nation's 42,000 annual traffic fatalities and contribute to a considerable economic loss due to injuries, property damage, and decreased productivity. Iteris' cutting-edge active safety systems are designed to help reduce the number of motor vehicle crashes and the severity of crash-related injuries.
About Iteris, Inc.
Iteris, Inc. is a leader in the traffic management market. Iteris is focused on the development and application of advanced technologies that reduce traffic congestion, minimize the environmental impact of traffic congestion and improve the safety of surface transportation systems. Combining outdoor image processing, traffic engineering and information technology, Iteris offers a broad range of Intelligent Transportation Systems and driver safety solutions to customers worldwide. Iteris is headquartered in Santa Ana, California with offices throughout the U.S., Europe and Asia. Investors are encouraged to contact us at 888-329-4483, or at www.iteris.com.
About Delphi
Delphi is a leading global supplier of mobile electronics and transportation systems, including power train, safety, thermal, controls & security systems, electrical/electronic architecture, and in-car entertainment technologies. Engineered to meet and exceed the rigorous standards of the automotive industry, Delphi technology is also found in computing, communications, consumer electronics, energy and medical applications. Headquartered in Troy, Mich., Delphi has approximately 169,500 employees and operates 156 wholly owned manufacturing sites in 34 countries with sales of $22.3 billion in 2007.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will" , "can" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the performance and expected benefits of our technology including our Safety Direct™ and LDW systems as well as the Delphi Radar Systems, market opportunities, recurring revenue sources, strategies and our future prospects. These statements are subject to change and we undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to the market acceptance of our technologies and of the products that incorporate our technologies; commercial vehicle and automotive production schedules and agendas; the timing and successful completion of customer qualification of the Delphi Radar Systems, the Safety Direct™ system, the LDW system and other products and the risks of non-qualification; market acceptance of the Delphi Radar Systems and our Safety Direct™ and LDW systems and the vehicles that incorporate our systems; our ability to specify, develop, complete, introduce, market and transition our products and technologies to volume production in a timely manner; the potential unforeseen impact of product offerings from competitors and other competitive pressures; and the general economic and political conditions and specific conditions in the markets we address, including the general economic slowdown and volatility in the heavy truck and automotive sectors. Further information on Iteris, Inc., including additional risk factors that may affect our forward looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and our other SEC filings that are available through the SEC's website (www.sec.gov).
Delphi FORWARD LOOKING STATEMENTS
This press release, including the exhibits being furnished as part of this report, as well as other statements made by Delphi may contain forward-looking statements that reflect, when made, the Company's current views with respect to current events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company's operations and business environment which may cause the actual results of the Company to be materially different from any future results, express or implied, by such forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," the negative of these terms and other comparable terminology. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Company to continue as a going concern; the ability of the Company to operate pursuant to the terms of the debtor-in-possession financing facility, to obtain an extension of term or other amendments as necessary to maintain access to such facility and to secure the anticipated advances from GM in order to obtain any such extension or amendment; the Company's ability to obtain Court approval with respect to motions in the chapter 11 cases prosecuted by it from time to time; the ability of the Company to consummate its amended plan of reorganization which was confirmed by the Court on January 25, 2008 or any other subsequently confirmed plan of reorganization; risks associated with third parties seeking and obtaining Court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization, for the appointment of a chapter 11 trustee or to convert the cases to chapter 7 cases; the ability of the Company to obtain and maintain normal terms with vendors and service providers; the Company's ability to maintain contracts that are critical to its operations; the potential adverse impact of the chapter 11 cases on the Company's liquidity or results of operations; the ability of the Company to fund and execute its business plan (including the transformation plan described in Item 1. Business "Plan of Reorganization and Transformation Plan" of the Annual Report on Form 10-K for the year ended December 31, 2007 filed with the SEC) and to do so in a timely manner; the ability of the Company to attract, motivate and/or retain key executives and associates; the ability of the Company to avoid or continue to operate during a strike, or partial work stoppage or slow down by any of its unionized employees or those of its principal customers and the ability of the Company to attract and retain customers. Additional factors that could affect future results are identified in the Annual Report on Form 10-K for the year ended December 31, 2007 filed with the SEC, including the risk factors in Part I. Item 1A. Risk Factors, contained therein. Delphi disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise. Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Company's various prepetition liabilities, common stock and/or other equity securities.
rejection of latest solvency deal is being taken as bullish for this.
It was about here when they first filed for BK and everyone bailed. I almost bought but was to scared. Had i of, i'd of made big bucks.
Honestly I have no idea, just going to watch for momentum, almost sounds to me like this stock might almost be worthless...
So MWM, which way. Think this is going to sink down further now that the KyBosh has been put on the deal for today anyway.
I wonder if this is a Hedge BS trick to take a larger position before coming back to the table.
Delphi Comments on Plan of Reorganization Closing Efforts
Apr 4, 2008 10:52:00 AM
View Additional ProfilesTROY, MI -- (MARKET WIRE) -- 04/04/08 -- Delphi Corp. (PINKSHEETS: DPHIQ) today announced that although it has met the conditions required to substantially consummate its First Amended Joint Plan of Reorganization, including obtaining $6.1 billion of exit financing, Delphi's plan investors refused to participate in a closing that was commenced but not completed earlier today and refused to fund their investment agreement with the Company Instead, the plan investors delivered a written notice purporting to terminate the Equity Purchase and Commitment Agreement and alleged breaches of the EPCA that the plan investors assert would entitle them to payment of additional compensation under the EPCA from Delphi.
"Our formal closing process commenced today, and all of the other required parties for a successful closing and emergence from Chapter 11 -- including representatives of our new exit lenders, General Motors Corporation and our Joint Statutory Committees -- were present and prepared to move forward this morning," said John Sheehan, Delphi vice president and chief restructuring officer. "We are extremely disappointed that our plan investors have taken the position that they are not obligated to fund their plan investment commitments to Delphi and instead have chosen to walk away from the company and its stakeholders. We are prepared to pursue actions that are in the best interests of Delphi and its stakeholders. These actions will be overseen by a committee of our Board of Directors, and will not impact the successful operation of the company. We are very appreciative of the strong financial support from our exit financing lenders and GM, and we look forward to continuing to work with them and our other stakeholders as we move forward with our goal of emerging from chapter 11 as soon as practicable."
The $6.1 billion in exit facilities that were made available to the company in connection with today's closing were successfully arranged by J.P. Morgan Securities, Inc. and Citigroup Global Markets, Inc., in accordance with prior orders entered by the United States Bankruptcy Court for the Southern District of New York. The plan investors that did not fund the investment of up to $2.55 billion in preferred and common equity under the Equity Purchase and Commitment Agreement agreed to in 2007 include affiliates of lead investor Appaloosa Management L.P.; Harbinger Capital Partners Master Fund I, Ltd.; Merrill Lynch, Pierce, Fenner & Smith Inc.; UBS Securities LLC; Goldman Sachs & Co.; and Pardus Capital Management, L.P.
"We have accomplished the commitments in our restructuring plan," said Delphi CEO and President Rodney O'Neal. "We are proud of the fact that we have never disrupted our customers' operations during this reorganization. We also have kept the pipeline full of exciting technologies and products to meet the challenges facing our customers -- to make vehicles safer, greener and more connected to consumers' lives than ever before."
Delphi's transformation initiatives include:
-- competitive collective bargaining agreements with its U.S. unions;
-- comprehensive settlement and commercial agreements with General
Motors;
-- a streamlined product portfolio focusing on core businesses, with the
divestiture, wind-down or sale of business lines not among those core
businesses;
-- a customer- and product-focused organizational structure that
streamlines cost and achieves competitive salaried workforce levels; and
-- funding of the company's pension plans following emergence from
Chapter 11.
"While our plan investors' actions are very disappointing, it is important that we clearly distinguish their actions from the company's achievement of its transformation objectives," O'Neal said. "Our unwavering commitment to our customers, suppliers, employees and other stakeholders will remain at the forefront as we move forward with our chapter 11 cases, and we are committed to emergence as soon as practicable."
Delphi sure it'll receive exit
Auto-parts maker Delphi Corp. faces a deadline today to get the loans it needs to exit bankruptcy, and at the same time, former parent General Motors Corp. is said to be in talks to take an even greater share of its pension obligations.
Delphi needs to secure $6.1 billion in exit financing to meet the requirements of a plan by investors to put as much as $2.55 billion into the reorganized company. A Delphi lawyer said this week that the company expects to get the loans it needs in time.
The Appaloosa Management LP hedge fund is leading a group of investors who will take equity in Delphi in exchange for the $2.55 billion. The group includes Harbinger Capital Partners Master Fund I Ltd.; Merrill Lynch, Pierce, Fenner & Smith Inc.; UBS Securities LLC; Pardus Capital Management LP; and Goldman Sachs Group Inc.
If Delphi gets the loans it needs by today, it could finally learn whether the investment group will move forward on taking a controlling stake in the company.
What page did you see the that on and it's a filing from March 13th?
http://www.pinksheets.com/edgar/GetFilingPdf?FilingID=5795854
1200 FOR 1 REVERSE SPLIT. HOPE EVERYONE GOT OUT TODAY
If it breaks the 50 day MA maybe it will go test the 200 day MA...
DPHIQ has been a PINCHER, exactly as GLIF, a few days ago:
Yep I've been watching it since about $1...
And here is a daily chart as it was in January and what finally happened, ... LOL,... it broke downwards !
Resistance at MA50 as of now...
Dead cat bounce ? ... Bottom bounce ? ... starting a Recovery for a Long Term Run?
I had this DOG under RADAR, but instead of breaking weekly MA10, it broke support.
Now has done a huge PullBack, based on Speculation.
As you suggest, it is at this point a "Reorganization" LOTTO PLAY.
I'll watch it to see what move it makes.
This was the chart I had annotated, in case it would have broken my triggers (marked in the chart):
I will closely radar this DOG, and the MA10. Right now it is only a huge pullback, but the MA30 is below 0.25 weekly resistance and falling fast.
Look at historical chart to see what a 10x30 weekly cross can do to such a DOG, LOL...
It's just been one to flip more than anything... Hanging on for the reorganization I'm not sure is a good idea but who knows, if they announce they have the funding this sucker might rocket...
Existing common stockholders would have the right to acquire about 20.77 million shares of new common stock at a purchase price struck at Plan Equity Value compared to 12.71 million shares of new common stock at a purchase price struck at Plan Equity Value as per the Original Plan. Also, existing common stockholders would be issued warrants to acquire 6.91 million shares of new common stock exercisable for five years after emergence struck at 32.4% premium to Plan Equity Value in addition to warrants to acquire $1.0 billion of new common stock exercisable for six months after emergence struck at 8.2% premium to Plan Equity Value. Under the Original Plan, existing common stockholders were to receive warrants to acquire an additional 5% of new common stock exercisable for five years after emergence struck at Plan Equity Value.
what's up with this one, LOL ? what a move !
GM mulling taking on more Delphi obligations: report
Thu Apr 3, 2008 12:36am EDT
NEW YORK (Reuters) - General Motors Corp. (GM.N: Quote, Profile, Research) is considering shouldering more of auto parts maker Delphi Corp's (DPHIQ.PK: Quote, Profile, Research) pension liabilities to help Delphi get out of bankruptcy protection, the Wall Street Journal reported on Wednesday.
Delphi, which filed for bankruptcy in October 2005, has been struggling to wrap up exit financing for a reorganization plan confirmed by the bankruptcy court in New York in January because of tight U.S. credit markets.
GM has already agreed to provide a significant portion of that financing to help set a pact, and is now in talks about going further to ease Delphi's multibillion-dollar pension burden, the WSJ said on its Web site, citing people familiar with the situation.
Troy, Michigan-based Delphi had sought to emerge from court protection by the end of the first quarter, but said recently it would emerge as soon as practicable and has been requesting extensions for deadlines on various agreements.
Delphi has sought $6.1 billion of exit financing, including up to $2.825 billion of loans from GM. An investor group led by Appaloosa Management LP has backed a $2.55 billion equity plan to support the reorganization as well.
Investors have given Delphi until Friday to finalize exit financing, which the company expects to have in place by the deadline, the WSJ said. Some of those investors now prefer to walk away from the equity investment altogether, the WSJ said, citing people familiar with the deal.
(Reporting by Franklin Paul; Editing by Tomasz Janowski)
THIS HAS GOT TO BE A GREAT BUY AT THESE PPS
Bankruptcy Court Confirms Delphi's Plan Of Reorganization
Friday, January 25, 2008; Posted: 07:01 PM
(RTTNews) - Friday, auto parts maker Delphi Corp. (DPHIQ.PK) said that the United States Bankruptcy Court for the Southern District of New York ruled that the company had met all of the statutory requirements to confirm its plan of reorganization. The bank entered an order validating the first amended joint plan of reorganization, allowing the company to emerge from Chapter 11 bankruptcy protection.
The Troy, Michigan-based Delphi intends to emerge during the current calendar quarter following the syndication and closing of about $6.10 billon of exit financing facilities and satisfaction of other conditions to the effective date of the plan.
The plan of reorganization includes finalizing the rights offerings provided for under the plan, closing of the investment agreement with the plan investors and consummation of the global settlement agreement with General Motors Corp. (GM | news | PowerRating | PR Charts ).
Rodney O'Neal, Chief Executive Officer of Delphi, stated, "Delphi has substantially achieved all of the objectives that we identified in our 2006 transformation plan. Since the chapter 11 cases were filed in late 2005, we have negotiated amended collective bargaining agreements with our U.S. unions resulting in more competitive U.S. operations."
O'Neal added, "Delphi entered into comprehensive settlement and restructuring agreements with General Motors; made substantial progress in divesting or winding down facilities and business lines that are not core to Delphi's future plans; implemented initiatives in our organizational cost structure to achieve important cost savings and rationalize our salaried workforce to competitive levels."
Delphi, which filed for bankruptcy in October 2005 and expects to emerge from court protection in the first quarter said that while one class each in two lower tier Delphi subsidiaries did not accept the plan, the Bankruptcy Court confirmed the plan over the vote of the two subsidiary dissenting classes holding that Delphi was entitled to confirm and implement the plan for several reasons including based on "new value" contributed by Delphi to the subsidiaries.
On Tuesday, the bankruptcy court stated that it would approve the plan once Delphi drastically reduced cash bonuses for top executives, to $16.50 million from a proposed $87 million. Delphi said that it reduced the payments to $16.50 million, and the board's compensation committee would decide how to distribute the money.
In November, the company stated that it has struck an agreement with General Motors and its plan investors on amendments to its joint plan of reorganization, global settlement agreement and master restructuring agreement between Delphi and General Motors, in addition to the investment agreement with the company's plan Investors led by an affiliate of Appaloosa Management L.P. However, Delphi noted that it was advised by both of its Statutory Committees that they would not support the Plan if amended as proposed.
Delphi noted that the potential amendments reflect changes required by its plan Investors to obtain their endorsement of the plan, the company's settlements with GM and its labor unions and the company's emergence business plan and related agreements.
The company also said in November that the potential amendments considers an about $2 billion reduction in the company's net debt at emergence. Under the revised potential agreement, net funded debt is $5.20 billion compared to $7.10 billion under the original plan. Total enterprise value is now proposed to be amended to $13.40 billion from $13.90 billion as per the original plan.
As per the revised potential amendment, plan Investors would purchase $400 million of preferred stock convertible at an assumed enterprise value of $10.25 billion compared to the earlier assumed value of $11.75 billion. Further, Plan Investors would purchase $400 million of preferred stock convertible at an assumed enterprise value of $10.75 billion compared to the earlier assumed value of $12.80 billion. In addition, Plan Investors would purchase $175 million of New Common Stock at an assumed enterprise value of $10.25 billion, compared to the earlier assumed value of $12.80 billion.
Under the revised potential amendment, General Motors would not recover all of $2.70 billion in cash as intended earlier, but would recover at least $750 million in cash, up to $750 million in second lien note and $1.10 billion in junior convertible preferred stock at plan value of $13.40 billion.
Unsecured creditors would now receive 75.5% in new common stock valued at Plan Equity Value and 24.5% though pro rata participation in the Discount Rights Offering at an assumed enterprise value of $10.25 billion under the revised potential amendment, compared to the earlier offer of 80% in New Common Stock at Plan Equity Value and 20% in cash as per the Original Plan.
TOPrS would get 75.5% in new common stock at plan equity value and 24.5% through pro rata participation in the Discount Rights offering at an assumed enterprise value of $10.25 billion. Under the Original Plan, TOPrS were to get 100% in New Common stock at Plan Equity Value.
Existing common stockholders would have the right to acquire about 20.77 million shares of new common stock at a purchase price struck at Plan Equity Value compared to 12.71 million shares of new common stock at a purchase price struck at Plan Equity Value as per the Original Plan. Also, existing common stockholders would be issued warrants to acquire 6.91 million shares of new common stock exercisable for five years after emergence struck at 32.4% premium to Plan Equity Value in addition to warrants to acquire $1.0 billion of new common stock exercisable for six months after emergence struck at 8.2% premium to Plan Equity Value. Under the Original Plan, existing common stockholders were to receive warrants to acquire an additional 5% of new common stock exercisable for five years after emergence struck at Plan Equity Value.
Under the revised potential amendment, there is no provision for direct distribution and for participation in Discount Rights Offering to existing common stockholders as per the revised potential amendment.
Delphi said that although GM and the Plan Investors supported the potential amendments, it was advised by both of its Statutory Committees that they would not support the company's plan if amended as proposed.
The company noted that the Creditors Committee opposes changes to the Plan made since the potential amendments filed on October 29, particularly the proposed increase in consideration to the plan Investors, the form of distribution to GM and proposed addition to out-of-the-money warrants to common stockholders.
The Equity Committee opposes changes from the original plan filed on September 6, which would reduce recoveries to common stockholders as contemplated in the potential amendments. Delphi said that in the absence of a consensual resolution of the concerns, both the statutory committees are expected to supplement the objections filed by each committee on November 2 and seek other relief from the Bankruptcy Court.
Further, U.S. Bankruptcy Court in Manhattan also approved procedures for the February 13 auction that could result in the sale of the company's global bearings business to private equity firm Resilence Capital Partners LLC. The court also approved a $1.50 million break up fee for Resilience Capital, the lead bidder, if the firm is outbid in the auction.
Through its ND Acquisition Corp. subsidiary, Resilience Capital has offered up to $44.20 million for the bearings business. According to the terms of Resilience Capital's offer, the purchase price could drop as low as $18.20 million if the company doesn't reach agreements with the UAW before the sale closes. The company is attempting to cut the number of workers at the Sandusky plant to 623. A final court hearing on the sale of the business is scheduled for February 21.
DPHIQ.PK closed the Friday's regular trading session at $0.16. During the past 52-week period, the stock was trading between $0.10 and $3.24.
LOLOLOLOLOLOLOLOLOLOLOLOLOLOLOL!!!!!!!!!!!!!!!!!
I think this horse is dead.LOL
you know what they say...use it or lose it! LOLOLOLOL!!!!
If and when DPHIQ gets out of BK.Will their present shares be worthless,and they issue new ones and change the symbol?Or will everything remaine?Thanx Bob.
your liking the picture thing.LOL
I'm buckling up...just in case LOLOLOLOLOL
Well gold,
if it's gonna run, today is the day.
G/L
Wilbur Ross: Automotive Supplier Consolidation to Continue
Could Mr. Ross be our White Knight, waiting in the wings?
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_D/threadview?m=te&bn=71086&tid=198&mid=198&tof=1&frt=2#198
DETROIT -(Dow Jones)- U.S. billionaire investor Wilbur Ross said consolidation in the automotive parts-making industry, which has already led to bankruptcies and buyouts, will continue as auto makers look for more ways to cut costs.
"I believe (auto makers) will move toward more global platforms to cut costs," Ross said during a speech in Detroit Tuesday. The move will create a need for " global suppliers who will be able to cut costs by amortizing and engineering over larger unit volumes and to provide consistent quality control worldwide."
Ross's comments suggest that more U.S. parts suppliers could follow such companies as Dana Corp. (DCN), Delphi Corp. (DPH), Collins & Aikman Corp., Dura Automotive Inc. (DRRAQ) and Tower Automotive Inc. (TRWAQ) into bankruptcy protection or be sold to a private equity firm. Ross, who was on the forefront of the supplier consolidation in 2004, has bought bits and pieces of companies to form International Automotive Components, which has revenues of $6 billion and employs 29,000 in 17 countries.
Delphi's shares expected to see active trading in Wednesday's session
http://www.foxbusiness.com/markets/industries/technology/article/stocks-focus-wednesday_446739_12.html
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Note: DPHIQ is a PINK SHEET. Pinksheets have a reputation for carrying MORE THAN NORMAL RISK. Do your own DD.
General Stock Information
O/S 561.8M
[chart]http://stockcharts.com/c-sc/sc?s=DPHIQ&p=D&yr=0&mn=3&dy=0&i=p99387349377&a=146946149&r=13%22%3E[/chart]
..........- Company Info. -....................- Company Info. -..........
General Company Information
Company website
http://www.delphi.com/
About DPHIQ
Delphi is a leading global supplier of mobile electronics and transportation systems, including powertrain, safety, steering, thermal, and controls & security systems, electrical/electronic architecture, and in-car entertainment technologies. Engineered to meet and exceed the rigorous standards of the automotive industry, Delphi technology is also found in computing, communications, consumer electronics, energy and medical applications.
Headquartered in Troy, Mich., Delphi has approximately 171,000 employees and operates 159 wholly owned manufacturing sites in 36 countries with sales of $26.4 billion in 2006.
Investor Relations Contact
Name: Debi Murphy
Email: Debi.E.Murphy@delphi.com
To recieve an ivestor kit or other company information via the mail, please use this link.
http://investor.delphi.com/phoenix.zhtml?c=105758&p=irol-inforeq
Other Contacts
Robert S. "Steve" Miller, Executive Chairman
Rodney O'Neal, Chief Executive Officer and President
5725 Delphi Drive
Troy, Michigan 48098-2815
Phone 1: 248.813.2000 (World and North American Headquarters)
Phone 2: 1-888-679-8848 (Delphi Ethicsline)
Board of Directors
http://investor.delphi.com/phoenix.zhtml?c=105758&p=irol-govboard
Corporate Brochure (PDF)
http://www.delphi.com/pdf/corp_english.pdf
Corporate Overview (Flash)
http://www.delphi.com/static/corporate/delphi_intro.swf
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SEC Fillings from Delphi website
http://investor.delphi.com/phoenix.zhtml?c=105758&p=irol-sec
Latest Press Releases
USE THIS LINK TO GO TO IHUB's UP TO DATE PR AND NEWS SECTION FOR DPHIQ ----> http://www.investorshub.com/boards/quotes.asp?ticker=dphiq
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Company Products
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Miscellaneous Information
(Will be updated as needed)
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