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from the Detroit News;

The company also said that its board named President Rodney O'Neal to replace Chairman Robert S. "Steve" Miller as chief executive, effective Jan. 1. Miller will remain chairman, and O'Neal will remain president.

Under the financing deal, Appaloosa Management LP, Cerberus Capital Management LP and Harbinger Capital Partners Master Fund I, as well as Merrill Lynch&Co. and UBS Securities LLC, will invest a minimum of $1.4 billion and a maximum of $3.4 billion in the struggling company in exchange for common and preferred stock that will be issued in the first half of next year.


GM said in a statement that the deal shows continued progress by Delphi and sets up a framework for the companies to keep negotiating. GM has estimated that it is liable for $6 billion in Delphi employee benefit costs.

- Jeff
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