Appaloosa, 2 car parts makers eye Delphi- NY Post

Thu Jul 9, 2009 5:22am EDT
 
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July 9 (Reuters) - Private equity firm Appaloosa Management and two car parts makers may bid for bankrupt auto parts maker Delphi Corp (DPHIQ.PK), the New York Post said, citing a person close to the auction.

Investors led by Appaloosa Management backed out of a $2.55 billion plan to support Delphi's emergence in April 2008.

As many as four separate bids are expected to be submitted for Delphi by the Friday deadline, the paper said.

Three people familiar with the situation told Reuters on Tuesday that Federal-Mogul Corp (FDML.O) is readying a renewed bid for the assets of Delphi. [ID:nN07333978]

Appaloosa could not be reached for comment.

Delphi was spun off by General Motors Corp GMGMQ.PK in 1999 and filed for bankruptcy in 2005.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by David Cowell)

 

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