Delphi sells to enter the bidding stage Jingxi re-engineering opportunity to reproduce

Robert Drain, the chief judge of the Southern New York State Bankruptcy Court, approved a Delphi sales plan. After GM filed for bankruptcy protection, Delphi filed a bankruptcy protection application with the bankruptcy court on June 2. Dehn said the court will terminate the bid by July 23 and approve the transaction by the end of July.

The above measures prove that the fate of the giant will soon have results. Because Delphi’s assets and claims are relatively simple, it is also expected to go beyond bankruptcy protection procedures before GM.

Buyers with potential interest in Delphi can bid freely before July 23, and General Motors will also evaluate these bids and decide whether to provide financial assistance to buyers. Previously, GM and the United States private equity fund Platinum Equity reached an agreement, the two sides jointly invested 3.6 billion US dollars to pick up Delphi, which GM invested 2.5 billion US dollars, the rest of the investment for platinum capital.

This was after Delphi was divested by General Motors in 1999, and the latter hopes to once again enter Delphi’s efforts. However, General Motors’ acquisition only hopes to become “the boss behind the scenes”. Platinum Capital will be responsible for all future acquisitions and operations. .

However, the above acquisition plan changed on June 10th, and the bankruptcy court held that Delphi Assets should openly look for the takeovers, rather than defaulting to General Motors and Platinum Capital.

General Motors said yesterday that the bankruptcy judge’s decision did not change GM’s determination to acquire Delphi. "Opening Delphi publicly doesn't mean that General Motors will disregard it. On the contrary, General Motors will still provide a comprehensive agreement for the Delphi bankruptcy case, retaining a strong team to lead Delphi and supporting its business expansion plan."

In fact, Delphi has always been a supplier of key components for General Motors, and General Motors bought the company, which is a fancy for the five component companies in its assets and health businesses in other parts of the world.

On March 30 this year, Beijing Jingxi Heavy Industry Co., Ltd. (hereinafter referred to as “Jingxi Heavy Industry”) had purchased Delphi's global R&D and production systems for automotive suspensions and brakes for US$100 million, but its quotation scheme was not met. Shareholders' requirements were not passed. Now, the second chance for BWI is already emerging.

Previously, it was reported that Jingxi Heavy Industry had prepared 6 billion U.S. dollars of acquisition funds, which was more powerful than GM and platinum capital.

General Motors is currently in bankruptcy protection procedures and is in the process of maximizing its weight-loss plan, including 6,246 dealers reduced to 3,605 by the end of 2010; 47 factories were reduced to 31 in 2012. Faced with Delphi’s assets, GM is actually doing “additions and subtraction”.

Purchasing assets is to ensure that production of parts and components will not be controlled by “outsiders”, but handed over to partners for care, which will minimize the operating chain. Previously, General Motors was a giant company whose business scope covered parts, vehicles, and automotive finance. Now, both the upper and lower ends of the industry chain have given control to other companies.

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