Hedge fund tries to slow Delphi's plans

WASHINGTON (Dow Jones/AP) -- A hedge fund run by billionaire investor David Tepper launched a new bid Monday to slow Delphi Corp.'s restructuring plans, asking a judge to bar the company from jettisoning its labor union agreements and its money-losing contracts with General Motors Corp.
The hedge fund, Appaloosa Management LP, said in papers filed with the U.S. Bankruptcy Court in Manhattan that Delphi hasn't yet provided evidence that its proposals are likely to benefit the company. It said Delphi's request for court approval appeared to be "premature" under the circumstances.
In Ohio, Delphi employs about 13,000 workers in the Dayton, Warren, Columbus and Sandusky areas.
Appaloosa, which owns about 9 percent of Delphi stock, is one of the company's biggest shareholders and a leading opponent of GM's role in Delphi's bankruptcy reorganization. It contends that GM, Delphi's biggest customer, is using its influence over the company to set itself up for a big payoff.