The Delphi Corporation, the large auto supplier, said Monday that it had terminated a $3.4 billion financing plan to bring the company out of bankruptcy protection but that it expected to sign a new deal this month. The company said it planned to emerge from bankruptcy by the end of the year, within six months of its original timetable. Its board is scheduled to meet next Monday to consider a new financing agreement. Delphi said previously that the lead investor in the deal, the private equity firm Cerberus Capital Management, was likely to withdraw as talks stalled on a labor agreement with the United Automobile Workers union and Delphi?s former parent, General Motors.
See "Delphi Drops Finance Plan but Expects Another Soon", Nick Bunkley, The New York Times, July 9, 2007