The stock is clearly not going to be worhtless as stated here from the company...
The settlements embodied by the Plan feature rights offerings that will be conducted after confirmation of the Plan and which will allow Delphi's common stockholders, who are holders of shares of Delphi common stock as of the date when the Confirmation Hearing commences, to purchase, (i) through the exercise of transferable rights, approximately 28 percent of the common stock of reorganized Delphi at a discount to the negotiated plan value, and (ii) through the exercise of non-transferable rights, up to $572 million worth of shares (in the aggregate) of reorganized Delphi at the negotiated plan enterprise value price of $45.00 per share.
The problem is we do not know the conversion rate. My take is you will basically get to buy new stock on a discounted rate but like I said how good a deal we get remains to be seen...
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