Breaking! Delphi Gets $3.4 Billion As A Little Something To Keep It Going Through The Show

Well, it looks as though the saga of whether auto parts supplier Delphi will drag the General underwater into the inky abyss is getting a bit of a reprieve today. That reprieve is coming to the tune of $3.4 billion in stock buybacks of the broke n' busted auto supplier from Appaloosa Management LP, Cerberus Capital Management LP, Harbringer Capital Partners Master Fund I (no LP!), Merrill Lynch and YouAndUs Securities, LLC. The five companies, in a show of throwing good money after bad, appear to be in support of the Delphi plan to re-emerge from bankruptcy during the second quarter of 2007 and you know, start paying back the money it owes to the banks currently providing a hot capital injection.

Delphi accepts $3.4 billion in financing from group of investors [Freep]

Related:
Gettelfinger As Soup Nazi: "No More Concessions For Delphi!"; Breaking! Delphi Drops $2.6 Billion During The First Half Of 2006; Broke? GM Fires Multibillion-Dollar Claim Against Delphi [internal]