SAN FRANCISCO (Thomson Financial) - Delphi Corp. Friday reported a first-quarter net loss of $589 million, or $1.04 a share, versus $533 million, or 95 cents a share the year-earlier period.
Revenue fell to $5.3 billion from $5.7 billion a year ago.
The Troy, Mich.-based provider of vehicle components expects to increase the requested capacity of its debtor-in-possession credit facility from the previously announced $4.1 billion to $4.35 billion, providing the company with about $250 million in additional liquidity. Consequently, Delphi believes it will continue to have adequate access to liquidity throughout 2008.
The company reiterated its commitment to funding and freezing at emergence its U.S. hourly and salaried pension plans. Delphi said it expects to meet its pension funding strategy through a combination of cash contributions and transfers of certain unfunded pension liabilities to a plan sponsored by General Motors Corp., without the benefit of the previously issued pension funding waivers. Brigid Gaffikin bg/pc COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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