Major creditors say close North American Delphi now

Two major creditors say Delphi Corp. should shut down its North American operations if it can’t stop losing money.

Delphi’s “staggering” losses in North America are dragging down the rest of the company, said two companies that hold Delphi debt, CR Intrinsic Investors of Stamford, Conn., and Highland Capital Management of Dallas. Delphi’s foreign operations, which are not in bankruptcy, are profitable, the creditors said.

Without a better plan to stop its losses, the North American operations should be closed “without delay,” the companies said in an Aug. 27 letter to the Delphi board of directors. The letter was released in a filing the auto parts supplier made last week with the Securities and Exchange Commission.

For more information, see Friday’s Vindicator or www.vindy.com.