The lead equity investor in a plan to bring Delphi out of bankruptcy protection has said he’s still interested in working out a deal, even though his private equity fund pulled out earlier this month.
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“We’d like to work something out with these guys, sure,” David Tepper, president and founder of Appaloosa Management told the Associated Press (AP).
Tepper, well-known for investing in distressed companies, declined to comment to the news agency on his reasons for ending a deal last Friday to inject US$2.55bn into Delphi. Nor would he talk about long-term prospects for Delphi to return to profitability.
The Associated Press said the Appaloosa Management-led investment was a key part of the reorganisation, which has been complicated by a tight credit market. Appaloosa’s pullout places the exit plan in jeopardy and raises the issue of whether GM will have to put in even more money than it already has pledged to help the company.
Appaloosa reportedly said in its Friday letter terminating the agreement that it was still negotiating to invest in Delphi.
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