Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, April 4, 2008

Investors Back out of Delphi Deal

Appaloosa Management, on behalf of a group of investors that planned a $2.55 billion equity investment in auto supplier Delphi Corp., which is trying to exit Chapter 11, delivered to Delphi a notice of immediate termination, asserting that Delphi had breached a number of provisions of the agreement and owed the investors a $82.5 million fee.  Delphi says it's "extremely disappointed."  WSJ, Group Plans to End Deal to Invest in Delphi.

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