Source Pravda.Ru

Delphi Corp faces bigger first-quarter net loss

Delphi Corp, one of the world's largest automotive parts manufacturers, announced increase of its first-quarter net loss.

The loss grew up to $589 million, or $1.04 per share, from $533 million, or 95 cents per share, a year earlier. The company’s revenue decreased to $5.3 billion from $5.7 billion.

The loss resulted from significant price reductions on parts supplied to major customer and former parent General Motors Corp.

In 2005 Delphi filed for Chapter 11 bankruptcy protection to reorganize its struggling U.S. operations. As a result of this action, the Securities and Exchange Commission granted an application by the New York Stock Exchange to delist Delphi's common stock and bonds. The company now works on its reorganization plan.

Since bankruptcy petition Delphi has cut thousands of jobs, closed the majority of plants in the U.S.

The company failed to emerge from bankruptcy by mid April, thus setting aside its equity plan - $6.1 billion exit financing deal.

Delphi negotiated new debtor-in-possession financing that extends through 2008 to complete the reorganization.

Comments
USA plays to pretend a mighty dragon that can no longer breathe fire
USA plays to pretend a mighty dragon that can no longer breathe fire
Russians lose faith in their future, get ready for worse
Russians lose faith in their future, get ready for worse
Brexit: The UK's misunderstanding of Democracy
Brexit: The UK's misunderstanding of Democracy
Macron challenges Trump. French independence and croissants at stake
Macron challenges Trump. French independence and croissants at stake
Brexit: The UK's misunderstanding of Democracy
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin dislikes the idea of US army bases coming to Kuril Islands
Russia and USA fight even in space: Americans damage Soyuz deliberately
Russia and USA fight even in space: Americans damage Soyuz deliberately
USA plays to pretend a mighty dragon that can no longer breathe fire
Argentina's coast guard sinks Chinese trawler
Brexit: The UK's misunderstanding of Democracy
USA plays to pretend a mighty dragon that can no longer breathe fire
Russia rips its economy apart with help from the West
Brexit: The UK's misunderstanding of Democracy
Presidential and midterm elections in the USA change the 'American project' entirely