GM gives 2.5B to private equity group - Mercedes-Benz Forum

LinkBack Thread Tools Display Modes
post #1 of 3 (permalink) Old 06-05-2009, 12:03 PM Thread Starter
BenzWorld Elite
Date registered: Feb 2006
Vehicle: 1999 ML320
Location: Ratville
Posts: 24,029
Mentioned: 1 Post(s)
Quoted: 311 Post(s)
(Thread Starter)
GM gives 2.5B to private equity group

Let's see, Obama is told by his auto czar (ex private equity dude) Rattner to hand out billions to GM which in turn gives some of the billions to "private equity" groups.

NEW YORK (Reuters) - General Motors Corp (GM.N) will give more than $2.5 billion of the $3.6 billion needed for Platinum Equity to gain control of bankrupt car parts supplier Delphi Corp (DPHIQ.PK), the Wall Street Journal said, citing a source.

Under terms of the transaction, private equity firm Platinum is expected to invest no more than $750 million and GM would provide the balance in financing, the report said on Thursday, citing the source.

Terms of the GM loans could not be learned, the report added.

Platinum declined to comment. GM and Delphi were not immediately available for comment.

It was earlier reported that under the new organization plan for Delphi, Parnassus Holdings II LLC, a unit of Platinum Equity, would acquire and operate Delphi's U.S. and non-U.S. businesses with emergence capital and capital commitments totaling $3.6 billion.

At that time, a person familiar with the matter told Reuters that the $3.6 billion financing package would come from various sources including GM and Platinum, but declined to elaborate.

As part of the reorganization plan, GM has agreed to acquire five Delphi plants and its global steering business.

GM itself filed for bankruptcy protection earlier this week, the third-largest filing in U.S. history and largest ever in U.S. manufacturing.

GM earlier said a bankruptcy court judge granted approval for it to access a new $33.3 billion debtor-in-possession financing facility from the U.S. Treasury and the Canadian and Ontario governments.

(Reporting by Aarthi Sivaraman in New York and Soyoung Kim in Detroit)
GM to give over $2.5 billion for Delphi buyout: report | Reuters

... and this important discussion continues.

mlfun is offline  
Sponsored Links
post #2 of 3 (permalink) Old 06-05-2009, 04:38 PM
Forum Administrator
RC Colas® & Moon Pies®
Digmenow's Avatar
Date registered: Oct 2006
Vehicle: 1981 380SL 151K: 2001 E320 4Matic Estate 147K: 2008 E350 Sport 4Matic 120K: 2005 S500 116K
Location: The Land of Pleasant Living
Posts: 37,533
Mentioned: 13 Post(s)
Quoted: 1590 Post(s)
Lifetime Premium Member
You have to spend money if you want to buy your way out of bankruptcy.

Wait. What?

Quis custodiet ipsos custodes?

Digmenow is online now  
post #3 of 3 (permalink) Old 06-05-2009, 08:32 PM
BenzWorld Elite
mcbear's Avatar
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,579
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
GM does need Delphi to succeed. This keeps jobs in America which keeps taxpayers in America. That helps pay the debt down twice.


Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
mcbear is offline  
Sponsored Links

  Mercedes-Benz Forum > General Mercedes-Benz Forums > Off-Topic

Quick Reply

Register Now

In order to be able to post messages on the Mercedes-Benz Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Please enter a password for your user account. Note that passwords are case-sensitive.


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:


Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode

Similar Threads
Topic Author Forum Replies Last Post
Homeowner Equity Is Lowest Since 1945 Jakarta Expat Off-Topic 4 03-11-2008 05:26 PM
Lenders cut off the home-equity tap Jakarta Expat Off-Topic 47 02-29-2008 10:38 PM
Private messages deathrattle Off-Topic 10 02-21-2007 12:31 PM
190 SL Group and 113 Pagoda Group and other classics Ed Mclass Vintage Mercedes-Benz 0 03-21-2006 07:59 AM
Private Messages? Phat_Benz BenzWorld Help 2 08-06-2004 10:45 AM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Title goes here

video goes here
description goes here. Read Full Story
For the best viewing experience please update your browser to Google Chrome