US: Delphi reports net loss of US$5.12bn in 2006
Thursday, February 01, 2007, AutomotiveWorld.com
Delphi has reported a net loss of US$5.12bn for the financial year 2006.
According to a monthly operating report filed with the US Securities and Exchange Commission, Delphi generated sales of US$17.17bn for the year. Sales to General Motors and its affiliates accounted for 58% of total sales, while sales to non-GM customers grew to US$6.6bn during the year. Operating loss for the year totalled US$4.98bn.
Delphi, which entered bankruptcy protection in October 2005, spent about US$141m on professional and legal fees related to its Chapter 11 reorganisation.
The Troy, Michigan-based company expects to emerge from bankruptcy protection this year and is trying to reach an agreement with its unions, GM and a group of investors led by Cerberus and Appaloosa Management on a reorganisation plan.
Published on Thursday, February 01, 2007
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