Delphi Reports Third Quarter 2008 Financial Results; Seeks Court Permission to Continue Using Proceeds from Credit Facility - aftermarketNews

Delphi Reports Third Quarter 2008 Financial Results; Seeks Court Permission to Continue Using Proceeds from Credit Facility

Delphi Corp. has reported third quarter 2008 revenues of $4.4 billion and net income of $5.2 billion.

TROY, Mich. — Delphi Corp. has reported third quarter 2008 revenues of $4.4 billion and net income of $5.2 billion. The results for the quarter include gains of $5.7 billion related to the effectiveness of the GM settlement and restructuring agreements executed in Sept. 2008. Delphi received cash of $1.2 billion from GM related to these agreements, net of $300 million of repayments made to GM under the advance agreement. With the cash received from GM, available cash was $1.9 billion at Sept. 30.

Separately, Delphi filed a motion with the U.S. Bankruptcy Court for the Southern District of New York on Nov. 7, seeking authority to continue use of the proceeds from its DIP Credit Facility through June 30, 2009.

As part of Delphi’s continuing transformation process, on Sept. 29, Delphi transferred $2.1 billion of net unfunded hourly pension liabilities to the GM hourly pension plan. In consideration of this transfer, GM received an allowed administrative claim of $1.6 billion. GM also assumed approximately $6.8 billion of post-retirement benefit liabilities for certain active and retired hourly employees, and for this and other claims, received an allowed general unsecured claim of $2.5 billion. Primarily as a result of the assumption of these hourly employee benefit obligations by GM, Delphi recorded one-time gains totaling $5.7 billion, including a net reorganization gain of $5.3 billion.

You May Also Like

AP Emissions Releases January New Part Number Update

Coverage available for Dodge, Chrysler, Ford, Land Rover, Toyota, Lexus, Mazda and Mercedes-Benz vehicles.

AP Emissions Technologies (AP), a Marmon Holdings Berkshire Hathaway company, has announced the release of 11 new 46-state Federal EPA part numbers.

The release includes direct-fit EPA converters covering more than 6.6 million vehicles in operation (five of these 11 direct-fit converters are exhaust manifold with integrated catalytic converters). January’s release supports the company’s commitment to add new part numbers on a continuous basis.

NRS Brakes Offers Galvanized Brake Pads for F-150 Lightning

The brake kits cover both front and rear applications for almost 1.6 million vehicles.

Raybestos Adds New Friction, Rotor, Hydraulics Coverage

The new part numbers cover more than 19 million vehicles in operation (VIO).  

Opus IVS Announces Release of Giotto Software

Giotto release delivers customer requested content and features.

Adient 2022 Sustainability Report Highlights Improvements

The report details the company’s progress on ESG goals and highlights sustainable product innovations.

Other Posts

Rotary’s New XA12 Alignment Scissor Lift

Shops can offer alignment services with bay space to spare, and techs can perform alignments on a wider range of vehicles.

GRI Receives US DOT Certification For Safety

GRI tires will now incorporate the DOT code emboss on its side walls.

Mevotech Adds 2,300+ New Original Grade Part Numbers

Highlights from the new Original Grade release include control arms and ball joints.

TCCI Manufacturing Unveils High-Voltage Electric Compressor

The 850V compressor, unveiled at MACS 2023, is available in 34cc/46cc/60cc/120cc.