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Activist investor Carl Icahn is considering making another attempt to take over bankrupt auto parts supplier Delphi, the New York Post reported Saturday.
The report, which cited an unnamed source with direct knowledge of the matter, said that Icahn is considering another run now that a federal bankruptcy court judge has blocked the sale of Delphi to private equity firm Platinum Equity Partners.
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Shiho Fukada / AP Carl Icahn |
Judge Robert Drain told Delphi Wednesday to open the sale of its assets to other potential bidders who could compete with an offer by Platinum Equity. Suitors now have until July 10 to make competing offers for Delphi.
Icahn's auto-parts company, Federal-Mogul Corp, had held recent discussions with Delphi, but the U.S. auto task force pushed through the deal with Platinum, announced on June 1, the newspaper reported.
The Presidential Task Force on the Auto Industry was set up by President Barack Obama and is charged with overseeing the restructuring of the U.S. auto industry.
The U.S. Treasury is providing Delphi with $250 million in emergency financing and has made that contingent upon a sale being completed by July 23. The company is expected to run out of cash by the end of July.
Federal-Mogul makes pistons, spark plugs, windshield wiper blades, brake pads and other products.
Icahn's original offer for Delphi would have been better than Platinum's both for creditors and the U.S. government, a source close to Delphi told the Post. The source did not elaborate.
Representatives of Delphi and Federal-Mogul could not immediately be reached for comment Saturday.
Troy, Michigan-based Delphi was spun off from General Motors [GMGMQ
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] in 1999 and filed for bankruptcy in 2005.
Auto suppliers have been spooked by the lowest level of U.S. auto sales in nearly three decades, which have forced every major auto maker to cut production.
Federal-Mogul, which emerged from bankruptcy protection in late 2007, said last month it had more than $1.2 billion of available liquidity.
Icahn has acquired a 75 percent stake in the company.
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