Delphi Automotive

exited

Industrial / Automotive — Elliott Management / Silver Point Capital

Deal Terms

Entry Year2009

Entry EV$3.5B

Entry Multiple3x

Leverage4x

Debt Amount$1.4B

Outcome

Exit Year2011

Risk Metrics

LTV (est.)40%

Debt / EV0.40x

Notes

Vulture hedge funds (Elliott, Silver Point) bought Delphi's distressed debt at 20 cents on the dollar during 2005-2009 bankruptcy. Rejected Treasury 'Platinum plan' that would have preserved US plants. Took control Oct 2009, moved operations overseas, IPO'd Nov 2011 at $22. Paul Singer made $1.5B+. 20,000 retirees lost 70% of pensions.

Sponsor

Silver Lake$100B AUM