{"id":5427,"date":"2006-12-18T00:00:00","date_gmt":"2006-12-18T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"delphi-gets-up-to-34-billion-in-private-equity-investment-names-new-ceo","status":"publish","type":"post","link":"https:\/\/staging.hedgeco.net\/news\/12\/2006\/delphi-gets-up-to-34-billion-in-private-equity-investment-names-new-ceo.html","title":{"rendered":"Delphi gets up to $3.4 billion in private equity investment; names new CEO"},"content":{"rendered":"<p>Detroit News &#8211; Delphi Corp. said Monday that several major hedge funds will invest up to $3.4 billion in the company, clearing a significant hurdle to emerge from Chapter 11 bankruptcy before June30.<\/p>\n<p>  As part of the deal, Delphi CEO Robert S. &#8220;Steve&#8221; Miller will give up the chief executive title Jan 1. and Delphi president and chief financial officer Rodney O&#8217;Neal will become the new CEO. Miller  will become executive chairman until the auto parts supplier emerges from bankruptcy.<\/p>\n<p>  Appaloosa Management L.P., Cerberus Capital Management, L.P., and Harbinger Capital Partners, as well as Merrill Lynch &amp; Co. and UBS Securities will invest up to $3.4 billion in a deal signed  Sunday among Delphi, its former parent General Motors Corp. and the plan investors. The hedge funds could end up owning 70 percent of a recapitalized Delphi.<\/p>\n<p>  Miller said the agreements represent &#8220;significant milestones in Delphi&#8217;s reorganization and another major step forward towards emergence from our Chapter 11 reorganization in the U.S.<\/p>\n<p><a href=\"http:\/\/www.detnews.com\/apps\/pbcs.dll\/article?AID=\/20061218\/UPDATE\/612180415\">Read Complete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Detroit News &#8211; Delphi Corp. said Monday that several major hedge funds will invest up to $3.4 billion in the company, clearing a significant hurdle to emerge from Chapter 11 bankruptcy before June30. As part of the deal, Delphi CEO [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5427","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=5427"}],"version-history":[{"count":0,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5427\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=5427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=5427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=5427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}