Delphi Corp. has announced that it has met its own deadline to restate several years of earnings as a result of improper accounting for various transactions, including cash dealings with former parent General Motors.
Go deeper with GlobalData
Delphi said the restatements resulted in 2001 and 2002 earnings being lowered by a total of $289 million and 2003’s net loss being cut by $46 million.
“While it is regrettable to have had to undergo this process, the board and the entire team at Delphi are poised to integrate the lessons learned into the company’s internal controls and channel all efforts and resources toward Delphi’s transformation,” Robert Brust, chairman of Delphi’s audit committee, said in a written statement.
Delphi said it has completed its internal accounting audit and will continue to cooperate fully with the Securities and Exchange Commission’s investigation, which has led to numerous resignations from high-level executives.
Delphi CFO Alan Dawes left the company in March while Pam Geller, treasurer, along with a few others, resigned earlier this month.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTurnaround specialist Robert Miller takes over as chief executive today, replacing industry veteran J.T. Battenberg III.
