DELPHI CORP ! Ein Riese erwacht!
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"News services reported that U.S. Bankruptcy Judge Robert Drain told Delphi to cut cash bonuses for executives to $16.5 million from a proposed $87.9 million, that the company had intended to distribute to more than 500 managers. "
Sollten die bereit sein, auf ihre Prämien in dem Masse zu verzichten, ist das ein gutes Signal...und nicht nur das, sondern nur dann wird das Gericht dem Plan zustimmen. Sind die Manager dagegen zu gierig, stehen wir alle bald mit leeren Händen da.
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weis allerdings nicht obs wirklich so ne gute idee war.....
ich hab irgendwo gelesen das sie wirklich neue aktien rausgeben wollen zu nem kurs von 45$
das wäre in unserer zocker posi wohl eher schlecht ......
was meint ihr dabeibleiben oder weg mit den zeug
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gestern sind 3.5 mio aktien übern tisch gegangen im ami land weis nich ob das jemand gesehen hat gut sind knapp knapp 350tsd $ ---> ergo gutes zeichen / schlechtes zeichen
350tsd sind schon ein haufen zeug allerdings wenns einer macht der richtig asche hat auch wieder nicht
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So lange Delphi nur plant, aus Chapter11 herauszutreten, egal wie gut die Pläne sein mögen, rechne ich mit allem.
Wenn sie alles hinter sich haben und das operative Geschäft der Fa. normale Wege weitergeht, höre ich auf an einen Totalverlust zu glauben.
Mal sehen ob stocky recht hat, und was heute am Ami Markt so passiert.
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ich bins noch nicht so ........ aber was ich weis , bzw. ich habs stocki schon geschrieben.....
alle firmen die in chapter 11 sind bzw. waren müssen normalerweis neue aktien auf den markt bringen !
wenn dann am 28.feb der hammer fällt und die entscheidung getroffen ist und bis dato der kurs nicht gestiegen ist
dann rauscht das ding in den keller
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Nein, leider nicht. Ich hoffe es ja jeden Tag, das doch was kommt...aber das höchste der Gefühle ist mal ein Anstieg um 2-3 cent, um dann wieder abzusacken.
Da mein Einstieg bereits bei 0,17€ war, ist die aktuelle Lage natürlich alles andere als befriedigend...aber ich warte geduldig.
Man kann ja auch mal Glück haben ;-)
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Delphi Corporation Confirms Platinum Equity Sole Bidder for Global Steering Division
TROY, MI--(Marketwire - January 25, 2008) - Delphi Corporation (PINKSHEETS: DPHIQ) today confirmed it will seek final bankruptcy approval to sell its steering and halfshaft business to an affiliate of Platinum Equity at a sale hearing on February 21, 2008. Delphi plans to conclude the sale as soon as all regulatory approvals have been received.
For more information about Delphi Corp., go to www.delphi.com.
For more information about Platinum Equity, go to www.platinumequity.com.
FORWARD-LOOKING STATEMENTS
This press release, 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 and to obtain an extension of term or other amendments as necessary to maintain access to such facility; the terms of any reorganization plan ultimately confirmed; 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 prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; the Company's ability to satisfy the terms and conditions of the EPCA; 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 its periodic filings with the SEC and its filings with the Bankruptcy Court ) 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 Company's Annual Report on Form 10-K for the year ended December 31, 2006, including the risk factors in Part I. Item 1A. Risk Factors, contained therein and the Company's quarterly periodic reports for the subsequent periods, including the risk factors in Part II. Item 1A. Risk Factors, contained therein, filed with the SEC. 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. Additionally, no assurance can be given as to what values, if any, will be ascribed in the bankruptcy cases to each of these constituencies. A plan of reorganization could result in holders of Delphi's common stock receiving no distribution on account of their interest and cancellation of their interests. In addition, under certain conditions specified in the Bankruptcy Code, a plan of reorganization may be confirmed notwithstanding its rejection by an impaired class of creditors or equity holders and notwithstanding the fact that equity holders do not receive or retain property on account of their equity interests under the plan. In light of the foregoing, the Company considers the value of the common stock to be highly speculative and cautions equity holders that the stock may ultimately be determined to have little or no value. Accordingly, the Company urges that appropriate caution be exercised with respect to existing and future investments in Delphi's common stock or other equity interests or any claims relating to prepetition liabilities.
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Delphi to seek final court ok for sale of steering/halfshaft business
NEW YORK (Thomson Financial) - Delphi Corp. (News) Friday confirmed that it plans to seek final bankruptcy approval for the sale of its steering and halfshaft business at a hearing to be held Feb. 21.
The Troy, Mich., automotive parts supplier reached a deal for the sale of the business to Steering Solutions Corp., an affiliate of Platinum Equity LLC, on Dec. 10.
Delphi said Platinum Equity is the sole bidder for the business and that it plans to conclude the transaction as soon as all regulatory approvals have been received.
The company filed for bankruptcy protection in October 2005. It's looking to exit the process during the current calendar quarter and met with lenders earlier this month.
Michael Baron
mb
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Judge OKs Delphi Auction
Friday January 25, 1:35 pm ET
Judge Authorizes Delphi Corp. to Auction Global Bearings Business
NEW YORK (AP) -- A judge on Friday authorized Delphi Corp. to continue with an auction that could result in the sale of its global bearings business to private equity firm Resilence Capital Partners LLC.
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Judge Robert Drain of the U.S. Bankruptcy Court in Manhattan approved procedures for the Feb. 13 auction. He also approved a $1.5 million break up fee for Resilience Capital, the lead bidder, if the firm is outbid in the auction.
Resilience Capital, through its ND Acquisition Corp. subsidiary, has offered up to $44.2 million for the bearings business. The business, based in Sandusky, Ohio, employs 1,000 workers -- including 775 who are represented by the United Auto Workers union.
Under the terms of Resilience Capital's offer, the purchase price could drop as low as $18.2 million if the company doesn't reach agreements with the UAW before the sale closes. The company is attempting to reduce the number of workers at the Sandusky plant to 623.
A final court hearing on the sale of the business is scheduled for Feb. 21.
Delphi, based in Troy, Mich., is the largest supplier to General Motors Corp. The company has been in bankruptcy reorganization since October 2005 and, as part of its restructuring, has been selling off businesses it considers "non-core." The company aims to exit bankruptcy protection before April.
In court papers, Delphi called the bearings business a "trusted market leader" and "fundamentally strong," but said it doesn't fit into the company's reorganization plan. Delphi said it has invested more than $140 million since 2000 on new tooling, refurbishment of old equipment and new equipment at the plant.
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1/25/2008 7:01:08 PM 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).
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.
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What's this
By Tom Krisher, The Associated Press
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DETROIT - A federal bankruptcy judge has approved struggling auto parts maker Delphi Corp.'s reorganization plan, clearing the way for the company to emerge from Chapter 11 bankruptcy protection, Delphi said Friday.
U.S. Bankruptcy Judge Robert Drain in New York entered an order Friday confirming the plan, saying it had met all statutory requirements, Delphi said in a statement.
On Tuesday, Drain said he would approve the exit plan once Delphi drastically reduced cash bonuses for top executives, from a proposed $87 million to $16.5 million.
Delphi spokesman Lindsey Williams said the company reduced the payments to $16.5 million, and the board's compensation committee will decide how to distribute the money.
"We amended the plan to incorporate the comments made by the court such that the court could enter the confirmation order," Williams said.
Delphi said it plans to emerge from Chapter 11 "during the current calendar quarter following the syndication and closing of approximately $6.1 billion of exit financing facilities" and satisfaction of other conditions.
"Today's confirmation represents one of the most significant events of a very complex business reorganization to be completed during a challenging time in the automotive industry," Delphi Executive Chairman Robert S. "Steve" Miller said in a statement.
The other conditions include completing the stock purchase rights offering for creditors, the closing of an agreement with equity investors and settling all claims with Delphi's former parent, General Motors Corp.
Delphi's reorganization blueprint largely shifts its manufacturing to cheaper overseas plants and eliminates tens of thousands of union jobs in the U.S.
Troy, Mich.-based Delphi supplies some of the world's biggest automakers, including General Motors, Ford Motor Co., Volkswagen AG and Hyundai Motor Co. Its restructuring plan was created assuming a market value for the company of $12.8 billion, or $59.61 a share.
The company had intended to distribute the $87 million in bonuses to more than 500 managers upon emergence from bankruptcy protection.
But the United Auto Workers argued the payments would be unfair to union workers, many of whom took early retirement or buyout offers in order to help the company get out of bankruptcy.
The exit plan stands on several key pillars: a commitment by equity investors to inject up to $2.55 billion, a deal with GM over legacy labour obligations and agreements with labour unions that led to a massive reduction in the size of the unionized work force.
The reorganization plan was approved by 81 per cent of about 4,000 eligible creditors who voted. One class of creditors rejected it.
The UAW and other unions saw the elimination of 27,000 of 33,000 jobs over the course of the case.
Executive compensation was the most significant change to corporate bankruptcy law under a reform act put into effect in 2005, just nine days after Delphi filed for bankruptcy. The change was designed to prevent companies from giving executives retention bonuses.
In addition to agreements with unions, the company's future also depends heavily on a deal with new equity investors who will invest as much as $2.55 billion in exchange for new shares. Their total investment depends on demand for new shares among creditors.
The hedge fund Appaloosa Management LP is joined by five other investors: 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. Their commitment to invest billions may be put in jeopardy if Delphi doesn't get the exit loans it needs.
Delphi's unsecured creditors will receive 100 per cent on their claims as stock and rights to purchase discounted shares. Shareholders, who typically get nothing in bankruptcy cases, will have the right to buy new shares at a discounted price.
When Delphi has completed its restructuring, it will employ roughly 6,000 workers at eight U.S. plants and have reduced its hourly labour cost to $1.2 billion in 2007 from $3.1 billion in 2005.
It also will have shut down or sold 20 factories in the U.S. and one in Mexico. Delphi executives are looking for future growth from the company's operations in Europe, Asia and South America.
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AP Business Writer Vinnee Tong in New York contributed to this report.
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Rettungsplan genehmigt
Delphi darf loslegen
Nach mehr als zweijährigen Verhandlungen hat der größte US-Autozulieferer Delphi von einem Insolvenzgericht endgültig grünes Licht für seinen Rettungsplan bekommen. Delphi wolle nun spätestens im März das Insolvenzverfahren abschließen, teilte das Unternehmen mit. Delphi muss dafür noch die Finanzierung von 6,1 Mrd. US-Dollar an Krediten sicherstellen.
Über die ausstehenden Zahlungen hatte es mit den größten Gläubigern immer wieder Streit gegeben. Die Kreditkrise erschwerte die Suche nach neuen Darlehen zusätzlich deutlich. Zuletzt stimmten mehr als 80 Prozent der Gläubiger für den mehrfach überarbeiteten Plan, hieß es in der Mitteilung zum Wochenende.
Das zuständige Bundesgericht in New York hatte zuvor zur Auflage gemacht, im Finanzierungsplan vorgesehene Prämien für zahlreiche Delphi-Manager von 87 Mio. US-Dollar in bar auf 16,5 Mio. US-Dollar zu kürzen. Zu den größten Gläubigern zählt der führende US-Autobauer General Motors, zu dem Delphi einst gehörte. Delphi ist einer der größten Autozulieferer weltweit. Zu den Kunden zählen neben GM auch Hersteller wie Volkswagen und Ford.
Laut bisherigen Plänen will Delphi spätestens 2009 schwarze Zahlen schreiben. Das Unternehmen strich bereits mehr als 20.000 Stellen. Am Ende sollen gerade einmal rund 6000 der einst etwa 33.000 Jobs übrig bleiben. Der Rettungsplan sieht zudem die weitgehende Verlagerung der US-Produktion in günstigere Länder etwa in Asien und Südamerika vor.
