Delphi's first-half loss is down from last year

Delphi Corp. lost $330 million in June, with most of the red ink being connected to the closing of a plant in Spain.

The auto parts supplier recorded an expense of $207 million to cover severance pay and other costs associated with the closing, according to a monthly operating report filed in U.S. Bankruptcy Court.

The plant in Cadiz, Spain, employs 1,600 and is among the plants that Delphi is closing as it trims down its operations.

For the first half of this year, Michigan-based Delphi posted a loss of $974 million, compared with a loss of $2.6 billion in the first six months of last year. About $1.8 billion of last year’s amount was related to expenses for the buyout and early retirements of its union work force.

The bankruptcy court in New York has set a hearing for todaythurs on an investment plan for Delphi. An agreement calls for a group led by Appaloosa Management LP and Harbinger Capital Partners to invest as much as $2.55 billion in a reorganized company.

For more on this story, see The Vindicator or www.vindy.com Thursday.