Hot sectors in a tepid recovery
The energy, finance, technology and healthcare industries are expected to be the hottest areas for dealmaking in 2010. Full Article | Full Coverage
UPDATE 1-Delphi, Appaloosa-led group settle-sources
(Adds no comments from parties to lawsuit, byline)
NEW YORK, Oct 29 (Reuters) - Delphi, the auto parts maker that emerged from a four-year bankruptcy earlier this month, has settled a lawsuit with a group of investors led by hedge fund Appaloosa Management, according to sources familiar with the situation.
The group backed out of a $2.5 billion financing deal in 2008 that would have brought Delphi out of bankruptcy and Delphi subsequently filed suit against them.
The sources said that the settlement had taken part in the past week and that it involved a payment from the investors.
Delphi, now privately-held, and Appaloosa declined to comment.
The investor group named in the suit also included Merrill Lynch, which is now part of Bank of America (BAC.N), Goldman Sachs (GS.N), UBS (UBSN.VX), and hedge funds Harbinger Capital and Pardus Capital.
Spokesmen for Merrill Lynch, UBS and Goldman Sachs all declined to comment. Harbinger and Pardus were not immediately available for comment. (Additional reporting by David Bailey in Detroit and Emily Chasan, editing by Leslie Gevirtz)
