Cerberus Capital Management LP is pulling out of its previously announced deal to buy Delphi Corp. out of Chapter 11 reorganization. Delphi, in a news release today, said Cerberus, a private equity firm, is withdrawing becauses of differences over Delphi's future value. Other private equity players that are part of the bid to buy Delphi for as much as $3.4 billion remain interested, including Appaloosa Management LP. Delphi has a nonbinding agreement to sell its interior and closures unit to Renco Group Inc. Cerberus' move does not appear to jeopardize that deal. That unit ranks as North America's third largest injection molder, according to our recent special report.
Delphi deal is changing
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