A judge on Friday approved a $6.8 billion financing plan for Delphi's exit from bankruptcy, and admonished potential equity investors along the way.
The judge said these equity investors had drained away hundreds of millions of dollars as the Troy, Michigan based auto parts supplier disclosed new terms for investing in the company.
Delphi had originally wanted $8.7 billion in loans, but reduced that amount and delayed voting on its reorg plan as they struggled to secure financing.
The final total of $6.8 billion in exit financing is comprised of $5.2 billion to replace its current debtor-in-possession loans as well as a $1.6 billion revolving loan that it already has. Delphi has $4.5 billion in DIP loans currently.
[Washington Post]
Thanks Karl!
Good luck Delphi...I always bought from them...including the Roady series and the MyFi. Had to go with the samsung Helix since nothing new and portable was out. Looking forward to some new SatRad products.
Delphi should go out of business for what they did to the Skyfi series :(
I absolutely loved my SkyFi and SkyFi2. The SkyFi3 was an abomination. I've had it since April 07 and it has been nothing but a disappointment with it's incredible unreliability. I shouldn't have to reboot my receiver 13 times to get it to boot up properly and then have tech support say it is "normal". I had so much faith in the SkyFi series. The first one was my first XM receiver, but the last one has forced me to seriously consider the Inno. Sorry Delphi. I'm done with you.