Delphi Files For Bankruptcy October 9, 2005 4:01 a.m. EST Douglas Maher - All Headline News Staff Reporter
Detroit, Michigan (AHN) - There are problems in the "motor city" Saturday night as the nation's largest auto supplier files for bankruptcy. Delphi Corp.'s announcement sent shockwaves across the auto industry which has been going through struggles recently.
Delphi's bankruptcy, which is expected to result in plant closures and layoffs, is one of the largest in U.S. history. The company has 50,000 U.S. employees.
According to the Associated Press, Delphi will finance its operations with $4.5 billion in loans, including up to $2 billion in debtor-in-possession financing from a group of lenders led by JPMorgan Chase Bank and Citigroup Global Markets Inc.
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