Filed under: Raising money, Citigroup, Activist investing
“No Exit” is a 1944 play by Jean-Paul Sartre, which contains the famous line, “Hell is other people.” At this point, the title could also describe Delphi’s current Chapter 11 problem.
On the way to getting out of Chapter 11, auto parts company Delphi ran into the credit environment. Its $6.1 billion exit package, which has been set up by a group of banks lead by Citigroup (NYSE: C) and JP Morgan (NYSE: JPM), is in trouble. With the current fixed income markets in lock-down, hedge funds and other institutions don’t want the Delphi paper.
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