Delphi: Shareholders Unlikely to Get Anything
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Delphi Corp. said in a regulatory filing that a shareholder request to form an equity committee in its bankruptcy case was premature and that it was “highly unlikely” that holders of common shares would receive anything in the reorganization.
The Troy, Mich.-based auto parts maker said it believed that its shares were worthless.
According to the filing, the request for a committee came from Appaloosa Management, a hedge fund based in Chatham, N.J., and run by David Tepper.
In October, Appaloosa reported owning 9.3% of Delphi, which filed for bankruptcy protection Oct. 8.
Delphi said its board of directors could represent all stakeholders in maximizing their recoveries in the company’s bankruptcy case.
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