Delphi draws on credit to finance restructuring of its US operations

Aug 08, 2005 | 07:20 AM |

Automotive supply industry giant Delphi Corp. has started drawing down $1.5 billion of its $1.8-billion revolving credit agreement to finance a restructuring of its U.S. operations.

The Troy, Mich.,-based company also confirmed recent reports that it was discussing the restructuring with General Motors Corp. and the United Auto Workers union. Wall Street analysts had been saying for the past....

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