Delphi Corp. hopes to win court permission in New York this week to boost the size of a financing package while it searches for a path out of bankruptcy court now that a group of investors have pulled out of an equityinvestment deal.
The auto-parts company will ask the U.S. Bankruptcy Court in Manhattan on Thursday to sign off on the $254 million increase in the company's bankruptcy loan after more investors than expected signed up to buy pieces of the financing package when it was syndicated. The increase, if approved, would boost the financing to $4.35 billion from $4.1 billion.
The loanwill help fund operations while Delphi wages a court battle against the investor group led by hedge fund Appaloosa Management. Last month, the group terminated a deal to invest $2.55 billion in Delphi.
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