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Icahn considers Delphi
Source: Agencies |
June 15, 2009, Monday
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INVESTOR Carl Icahn is considering making another attempt to take over bankrupt auto parts supplier Delphi Corp, the New York Post reported on Saturday.
The report, which cited an unnamed source with direct knowledge of the matter, said that Icahn is considering another run now that a United States federal bankruptcy court judge has allowed other bidders for the company.
Judge Robert Drain told Delphi last Wednesday to open the sale of its assets to other potential bidders who could compete with an offer by Platinum Equity. Suitors now have until July 10 to make competing offers for Delphi.
Icahn's auto-parts company, Federal-Mogul Corp, had held recent discussions with Delphi, but the US auto task force pushed through the deal with Platinum, announced on June 1, the newspaper reported.
The Presidential Task Force on the Auto Industry was set up by President Barack Obama and is charged with overseeing the restructuring of the US auto industry.
General Motors Corp is providing Delphi with US$250 million in funding ahead of an expected sale by July 23. The company is expected to run out of cash by the end of July.
The report, which cited an unnamed source with direct knowledge of the matter, said that Icahn is considering another run now that a United States federal bankruptcy court judge has allowed other bidders for the company.
Judge Robert Drain told Delphi last Wednesday to open the sale of its assets to other potential bidders who could compete with an offer by Platinum Equity. Suitors now have until July 10 to make competing offers for Delphi.
Icahn's auto-parts company, Federal-Mogul Corp, had held recent discussions with Delphi, but the US auto task force pushed through the deal with Platinum, announced on June 1, the newspaper reported.
The Presidential Task Force on the Auto Industry was set up by President Barack Obama and is charged with overseeing the restructuring of the US auto industry.
General Motors Corp is providing Delphi with US$250 million in funding ahead of an expected sale by July 23. The company is expected to run out of cash by the end of July.
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