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Breaking News - Delphi comes out of four-year Chapter 11

2009-10-07 03:42:53 (GMT) (Caymanmama.com - Business News)

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Delphi automotive parts company

Little Rock, Arkansas (CaymanMama.com) — Automotive parts company, Delphi Corporation headquartered in Troy, Michigan, has announced that is is coming out of it’s Chapter 11 bankruptcy protection after nearly four years to the day it filed.

As the largest American auto-parts maker at that time, Delphi filed for bankruptcy protection on Oct. 8, 2005 in a sale to lenders and former parent General Motors Co.

Delphi’s filing was the largest bankruptcy ever in the automotive industry and the 13th largest in U.S. history totaling a staggering $17.1 billion in assets.

“We are a more agile, nimble and resilient company,” Chief Executive Officer Rodney O’Neal said in a statement Tuesday. The company is being renamed Delphi Holdings LLP.

The new entitiy, Delphi Holdings LLP, says it has purchase most of the old company’s core businesses in its strategy to restructure and avoide court oversight.

O’Neal will keep his position a Delphi Holdings’ president and CEO.



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