Credit news

Delphi slides into bankruptcy protection; high-yield issuance on the wane; IFC launches Panda bond; iTraxx curve steepening trend set to end; Merrill's index criteria change; banks address derivatives processing


Delphi files for Chapter 1

Bankruptcy to hit General Motors and credit derivatives

US auto parts supplier Delphi filed for Chapter 11 in September, as negotiations with the United Auto Workers union and former parent General Motors failed to provide an alternative restructuring route. The news came after weeks of speculation that the troubled auto parts maker would file for bankruptcy before October 17, when more stringent bankruptcy legislation took effect.

The result was a secondary market in

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