DPHIQ.PK : today +60% !!!!!

[jpm]

finished in 0.47

DPHIQ = Discovery

go to the sky

yessss....

tomorow more 60%....buy now and be happy......forever

[gmarc66]

Sound like pretty big news came out last night. Could make a nice run today...any thoughts?

2005-10-27 20:12:23 
Delphi Receives Final Court Approval of $4.5 Billion Financing Package 

TROY, Mich., Oct. 27 /PRNewswire-FirstCall/ -- Delphi Corp. (OTC: DPHIQ)
announced today that it has received final Court approval of a $2 billion
senior secured debtor-in-possession (DIP) financing facility being provided by
JPMorgan Chase and Citigroup Global Markets Inc. and final approval of an
adequate protection package for the Company's $2.5 billion prepetition secured
revolver and term loan facilities. The final financing package includes
provisions that the Court determined also adequately protect customers and
suppliers with allowable set-off and recoupment claims and permits them to
continue ordinary course business relationships with Delphi.
On October 11, 2005, the Court granted interim approval of $950 million of
the DIP financing and an interim adequate protection package for the
$2.5 billion prepetition facilities pending a final hearing which was held
today.
"We are pleased with the Court's final approval of our financing package,
which is a significant milestone in our restructuring," said Robert S. "Steve"
Miller, Chairman and Chief Executive Officer of Delphi. "The proceeds of the
DIP financing together with cash generated from daily operations and cash on
hand will be used to fund postpetition operating expenses and other payments
authorized by the Bankruptcy Court, including supplier obligations and
employee wages, salaries and benefits."
Miller added, "We are gratified by the support we have received from our
lenders and the confidence they have displayed in Delphi by providing this DIP
financing and consenting to the adequate protection packages for our
prepetition lenders, customers and suppliers to be put in place. We are also
grateful to our customers and suppliers for their loyalty during our
restructuring. Since the chapter 11 filing, our business has continued to
operate well -- without a single disruption in supply to our global customers.
These achievements are due, in large part, to the support we have received
from our suppliers, customers and plant workers."
A copy of the signed final order approving the financing transactions is
expected to be docketed by the Bankruptcy Court and posted on
www.delphidocket.com on October 28. The Court also approved a series of other
motions at today's regular monthly omnibus hearing including final orders
authorizing the continuation of Delphi's global cash management system and
approving procedures for the sale of non-core de minimis assets where net
proceeds are $10 million or less in each transaction.
Delphi's Chapter 11 cases were filed on October 8, 2005 in the United
States Bankruptcy Court for the Southern District of New York and have been
assigned to the Honorable Robert D. Drain under lead case number 05-44481
(RDD).
More information on Delphi's U.S. restructuring, including access to Court
documents and other general information about the chapter 11 cases, is
available at www.delphidocket.com. Delphi has also set up two separate
toll-free information lines: one for specific supplier inquiries, 866-688-8679
or 248-813-2601, and another for employees, customers, shareholders and other
interested parties, 866-688-8740 or 248-813-2602. For more information about
Delphi and its operating subsidiaries, visit Delphi's Media Room at
www.delphi.com/media/. Information on the case can also be obtained on the
Bankruptcy Court's web site with Pacer registration:

[sebfr]

Good find...i applaud you..

[quecabron]

isn't that company still in BK and as most BK companies shareholedrs will end up with nothing?

[setravis]

AP
Analysts: Delphi Pact May Be Near
Thursday May 24, 12:00 pm ET
By Tom Krisher, AP Auto Writer 
Analysts Say Delphi May Be Closing in on Contract Deal With UAW


DETROIT (AP) -- Two months ago, top officials at the United Auto Workers rejected a Delphi Corp. contract offer that they called insulting and criticized the use of the bankruptcy court as a way to drive down wages.
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Now that the UAW has a counteroffer on the table, there have been weeks of silence about the negotiations and union officials say the struggling auto parts maker has agreed to give temporary workers a paid holiday for Memorial Day.

The union officials spoke on condition of anonymity due to the sensitive nature of the talks.

General Motors Corp., Delphi's former parent, disclosed in a regulatory filing Thursday that it has received proposals from Delphi and the UAW on support that GM would provide for Delphi's restructuring.

"The proposals provide a basis for continuing productive negotiations," GM said in the filing with the U.S. Securities and Exchange Commission.

Several industry analysts say these are signs that a deal could be near, bringing an end to more than a year of contentious talks aimed at cutting Delphi's labor costs to better match competitors in the rough-and-tumble auto parts business.

"My experience with negotiations is when both sides shut up, they're close to an agreement," said David Healy, an analyst with Burnham Securities.

Delphi and the union won't comment on the holiday pay or on whether an agreement is close.

David Cole, chairman of the Center for Automotive Research in Ann Arbor, said he sees the counteroffer, the silence and the holiday pay as signs that a deal is within reach.

"There's no direct evidence, but there's enough circumstantial evidence where you say uh-huh, there's some positive things happening here," Cole said.

Union officials at several Delphi plants say the company had opposed holiday pay for temporary workers in the past before agreeing to it within the past week or so.

Kevin Tynan of Argus Research, a New York-based equity research company, said it's likely that Delphi got something in return for the holiday pay.

"The fact that it's out there on the table makes you think that there's some give-and-take going on," he said.

Troy-based Delphi, the parts-making operation of General Motors Corp. until it was spun off in 1999, has been operating under bankruptcy protection since October 2005. It hopes to emerge from Chapter 11 later this year.

The company has said it can't compete due to its high labor costs. It has asked a federal bankruptcy court in New York for permission to void previous labor contracts, but it has said it prefers a negotiated settlement to court action.

A settlement between Delphi and its unions is needed before private equity firms will invest up to $3.4 billion that Delphi needs to get out of Chapter 11.

The firms, Appaloosa Management LP and Harbinger Capital Partners Master Fund I, can back out of the deal if no agreement is reached with the unions on wages, benefits and other issues. Cerberus Capital Management LP, the private equity firm that signed up to buy Chrysler last week, had been in the group of investors but Delphi has said Cerberus may back out.

Delphi lost $533 million in the first quarter and $5.5 billion for all of 2006.

GM is involved in the complex labor negotiations because it is on the hook for an estimated $7 billion in liabilities for Delphi pension and retiree health care expenses. The nation's largest automaker also has estimated that its labor expenses for Delphi include another $500 million when it emerges from bankruptcy protection and $300 million to $400 million for several more years.

Those may come as wage subsidies for Delphi workers. GM also estimates that it will have to make annual transitional payments to Delphi of about $100 million.

"The total amount of the contingent liability and the specific amounts and periods that such subsidies would be paid, are still subject to negotiation," GM said in the SEC filing.

GM expects that the Delphi labor costs will be more than offset by reductions in a $2 billion annual price penalty that GM now pays Delphi for auto parts.

Last week, GM Chief Executive Rick Wagoner said negotiations were progressing, but he didn't think a deal was imminent.

"Let's try to move and get Delphi wrapped up. We've got to be well-prepared for the (UAW) negotiations this fall," he said.

Union officials expect that once a deal is near with the UAW, Delphi will begin negotiating in earnest with its other unions.

The UAW represents about 17,000 hourly Delphi workers. The International Union of Electronic Workers-Communications Workers of America is the company's second-largest union with about 1,800 workers.

Cole and other industry analysts have said a deal has to be worked out soon to keep the talks from interfering with the UAW's national bargaining with the Detroit Three automakers scheduled to formally begin in July.

On the Net: http://www.delphi.com