Delphi reports $373M loss in 1st quarter |
|
|
|
Published
:
Mon, 30 Apr 2007 23:41
|
DETROIT (AP) - Delphi Corp. posted an operating loss of $11 million in March and $373 million in the first three months of 2007, the struggling auto parts maker said Monday.The former parts-making operation of General Motors Corp. lost $828 million in the fourth quarter of 2006 and lost $5.5 billion for all of last year.Net sales for the Jan. 1--March 31 period came to $4.09 billion, with sales to GM and its affiliates accounting for about 55 percent of Delphi's business. Expenses totaled $4.46 billion, Delphi said in a filing with the U.S. Bankruptcy Court.Delphi had planned to emerge from Chapter 11 bankruptcy protection by the end of June, but the company said in mid-April that would be delayed until the second half of the year.Delphi officials also said last month that the company had been told that Cerberus Capital Management LP, would leave a consortium of investors who would put up to $3.4 billion into the company in exchange for new shares of Delphi stock. A spokeswoman for Cerberus, which was to have covered half of the investment, said last week that has not happened.Delphi currently is negotiating with its unions on wages, benefits and other costs.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
InPlay sells Delphi bankruptcy claim 