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Delphi Shares Slide on Bankruptcy Fears

Shares of Delphi Corp. skidded Monday amid concerns it could seek bankruptcy protection. Shares fell 49 cents, or 13 percent, to close at $3.37 on the New York Stock Exchange. Last week, Delphi CEO Robert S. "Steve" Miller repeated the possibility Delphi could declare bankruptcy if it doesn't get help from General Motors Corp. and the United Auto Workers.

aftermarketNews Staff
By aftermarketNews Staff
Published:

From the Detroit News

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TROY, MI — Shares of Delphi Corp. skidded Monday amid concerns it could seek bankruptcy protection. Shares fell 49 cents, or 13 percent, to close at $3.37 on the New York Stock Exchange. Last week, Delphi CEO Robert S. “Steve” Miller repeated the possibility Delphi could declare bankruptcy if it doesn’t get help from General Motors Corp. and the United Auto Workers.

In addition, Moody’s Investors Service may cut the ratings on $148 million of collateralized debt obligations paying returns based on Delphi’s creditworthiness. Such obligations bundle bonds, or other assets into a security or note.

2005 The Detroit News. All Rights Reserved.

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