Delphi accepts $3.4B private equity infusion; Miller steps aside as ceo

Dec 18, 2006 | 10:25 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 be replaced as chief executive effective Jan. 1 by Rodney O'Neal, Delphi's president and chief operating officer, executives said in a statement. Miller will retain his post as chairman.....

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