Highland Capital offers $4.7B plan to Delphi
Dec 21, 2006 | 10:11 AM
| Philip Burgert
Highland Capital Management LP, a Dallas-based hedge fund that owns 8.9 percent of bankrupt automotive supply giant Delphi Corp., has proposed a refinancing plan of up to $4.7 billion that would compete with a private equity plan accepted by Delphi executives three days earlier.
Troy, Mich.,-based Delphi had said that the earlier proposal led by Appaloosa Management LP and Cerberus Capital Management LP would invest up to $3.4 billion in Delphi's reorganization plan. A bankruptcy court hearing on that proposal, which is contingent on additional agreements with labor unions, is scheduled for Jan. 5.....
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