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Bulletin: Delphi Corp. Emergence Delayed After Equity Sponsors Terminate Purchase Plan
Standard & Poors, April 2008
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) April 7, 2008--Standard & Poor's Ratings Services said today that it no longer expects to assign its corporate credit rating of 'B' and debt issue ratings to unrated Delphi Corp. upon the company's emergence from Chapter 11 under the most recent plan of reorganization. This is because the company's lead equity plan sponsors on Friday terminated their $2.5 billion equity purchase and commitment agreement, which would have enabled Delphi to emerge from Chapter 11 bankruptcy protection. The timing and details of any revised emergence plan by Delphi remain uncertain. We plan to monitor Delphi's efforts to secure new equity funding or alter its proposed capital structure in an effort to emerge at a later date....
Companies mentioned in this report are: Delphi Automotive LLP
Action: Bulletin
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