Delphi bid deadline passes without alternative offer; lender agent still might submit credit bid

By Caroline Salls

Pittsburgh, July 10 - Delphi Corp. said Friday that the deadline for submission of potential alternative transactions to the offer received June 1 by Platinum Equity LLC affiliate Parnassus Holdings, LLC and GM Components Holdings, LLC has passed without any alternative offers from the three bankruptcy court-approved third-party qualified bidders.

Although no alternative transactions were submitted, Delphi said it has received a notice that credit agreement administrative agent JPMorgan Chase Bank, NA might submit a credit bid.

If the lender agent does submit a pure credit bid letter to the company as required under the bid procedures order, Delphi said it will hold an auction on July 17.

As previously reported, Delphi announced on June 1 that it planned to emerge from Chapter 11 bankruptcy through either a modified reorganization plan or sale under which Parnassus would operate Delphi's businesses going forward with emergence capital and capital commitments of $3.6 billion.

In addition, Parnassus would operate the businesses without the legacy costs associated with the North American sites that are being acquired by GM Components along with Delphi's global steering business.

The final hearing on the emergence transactions is scheduled for July 23.

Delphi, a Troy, Mich.-based automotive electronics manufacturer, filed for bankruptcy on Oct. 8, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-44481.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.