US - The Pension Benefit Guaranty Corp. has sold $594m of shares in Delphi back to the company but the impact of the deal on Delphi's pension benefits remains uncertain, the PBGC said.
The PBGC took shares in the company in 2009 when it when it emerged from bankruptcy and was bought by a group of private equity investors. At the time, the Delphi's pension funds had a $7bn funding hole. The PBGC took responsibility for $6.1bn, "making it the second largest financial loss in the agency's 36-year history," the PBGC said in a release yesterday.
The agency said it does not know how the sale of the Class C shares will affect benefits.
Delphi, which spun off from General Motors in 1999, said it had also bought the remaining shares GM held in the company. Delphi bought the Class A shares for $3.8bn.
Delphi president and chief executive said: "These transactions represent an important step in positioning Delphi to continue to increase shareholder value. We continue to have significant financial flexibility and remain committed to pursuing opportunities that drive value creation."
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