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Automotive News & Views Delphi Restructuring A Key To The Industry?
470 messages, Last post on Jan 10, 2008 at 3:43 AM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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Replying to: rockylee (Jan 05, 2008 3:41 pm) The solution is to treat Delphi as they would a new Japanese company wanting to run its plants in Michigan. Tax breaks. Tax breaks. Tax breaks. Look at Indiana and the new Honda plant and all the games they played to try to make it palatable to their Indianapolis urban folks but avoid including rural experienced, willing workers in the Anderson area. Executive pay has been protected by the politicians. It should be treated just like the employees. Kick the pay agreements out the door. Base pay and that's it. The company's in trouble. Use the same excuse they use for regular employees. Just because the executives have friends in high, elected places...
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Replying to: imidazol97 (Jan 06, 2008 8:01 am)   -Rocky P.S. Don't you guys have a Delphi, plant there in Ohio ??? Or did it close ???
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Replying to: rockylee (Jan 06, 2008 5:55 pm) An example of poor analysis by people who try to make thestory fit the desired outcome is here in this article about Dayton, Ohio, as an example of Midwest failure to be up on the world. A major employer in the area has been Wright Patterson Air Force base and assorted accoutrements to it. And then there are contractors who supply and work the base such as Martin Marietta. To read this guy who rode into town on a white horse, they just blindly held onto the last manufacturing job at GM/Delco and then shut the doors. Note the article link is to page #2 Midwest Failure
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Replying to: imidazol97 (Jan 08, 2008 7:27 pm) OMG, pal that was one hell of a great article that hit on all points. I actually got emotionally connected with it and all I could think about reading it is John Edwards, speech this evening. All I can do is pray..... -Rocky |
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http://www.autoblog.com/2008/01/08/delphi-concept-controls-your-car-through-ipho- ne/ What ya guys think about that ????  -Rocky |
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Replying to: rockylee (Jan 05, 2008 3:41 pm)
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Replying to: lemko (Jan 09, 2008 5:04 am) All Steve Miller, has done is take them through bankruptcy and as far as I know and has not given the company a sense of direction. Rumor, has it he's going to collect his money and bail soon. It's really a shame Delphi, isn't much of an american corporation. They have so much damn techology to offer our country and I just wished it was made here. Maybe someday I will get my wish.... -Rocky |
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Auto supplier trims financing to $4.5 billion in bid to end bankruptcy. WASHINGTON -- Delphi Corp. is holding meetings with lenders in New York and London this week in an effort to borrow up to $4.5 billion to exit bankruptcy, again reducing the refinancing it's seeking in this turbulent credit market. Raising money is the last major step the company must take to exit bankruptcy by March. The Troy-based auto supplier said Wednesday it has reduced the amount it wants to raise in exit financing by $700 million, to $4.5 billion. It hopes to have the money in place before a Jan. 17 hearing to confirm its reorganization plan. It already had reduced its offering once before, from $7.2 billion to $5.2 billion earlier last year. Delphi and its bankers -- J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. -- met with potential lenders in New York Wednesday and were to meet in London today.Delphi said it will use the loans to pay off debts. The company said it was able to reduce the amount it was seeking in exit financing because of improved operating performance and lower capital expenses in 2007. Delphi is offering a $3.7 billion loan at a discount, reportedly 96 cents on the dollar. Delphi also is offering a second-tier loan of $825 billion. Separately, Delphi is seeking an asset-back revolving line of credit line worth $1.6 billion that it can use if necessary. Delphi execs give depositions The bankruptcy court is scheduled to decide today whether to allow Delphi's creditors and shareholders on its statutory committees to participate in exit financing, an unusual request because some, including the U.S. Trustee, said it raises conflict of interest issues. Delphi noted "the chief remaining step" it must take is to get financing "in what is a very turbulent financing marketplace." Delphi argued that it should allow its creditors and shareholders on its committees to participate since nearly all of the information about the company's future plans is in the public domain. The U.S. Trustee opposed the request Wednesday. "The exit lenders will try to exact as many concession as possible from (Delphi) in light of the tight credit market, but the statutory committees should concentrate on obtaining the most favorable terms for Delphi," wrote Alicia Leonard, an attorney for the U.S. trustee. Delphi's reorganization hearing could last several days as U.S. Bankruptcy Judge Robert Drain hears objections. Before the hearing, objectors will get to question company executives and others. Delphi's executive chairman Robert S. "Steve" Miller will submit to a deposition Monday in New York. The company's chief restructuring officer, John Sheehan, will give a deposition Tuesday. One issue the company's unions are likely to raise is Delphi's plan to pay its top 560 executives $240 million in bonuses and other compensation when the company emerges from bankruptcy. Delphi also plans to pay Miller an $8.3 million bonus and the company's CEO Rodney O'Neal $5.3 million, along with an initial $10 million grant of stock and options. Delphi has already spent more than $320 million on legal, consulting and accounting fees since filing for bankruptcy protection in October 2005. http://www.detnews.com/apps/pbcs.dll/article?AID=/20080110/AUTO01/801100351/1148- -Rocky |
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