Delphi accepts $3.4B in financing; ceo set to exit

Dec 18, 2006 | 10:17 AM | Philip Burgert

Bankrupt automotive supply giant Delphi Corp., Troy, Mich., has agreed to accept $3.4 billion in financing from a private equity group led by Appaloosa Management LP and Cerberus Capital Management LP.

As part of the deal, Robert S. "Steve" Miller Jr., Delphi's chairman and chief executive officer, will step down from his chief executive role on Jan. 1, executives said in a statement. He will be replaced in that position by Rodney O'Neal, Delphi's president and chief operating officer. Miller will retain his post as chairman.....

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