A credit default swap (CDS) is a financial swap agreement that the seller of the CDS will compensate the buyer in the event of a loan default or other credit event.The buyer of the CDS makes a series of payments (the CDS "fee" or "spread") to the seller and, in exchange, receives a payoff if the loan defaults.

Oct 06, 2009 · Delphi reached agreements with its unions and resolved pension funding during the bankruptcy as well. The case is In re Delphi Corp, U.S. Bankruptcy Court, Southern District of New York, No. 05-44481. Steve developed and implemented global policy/procedures/systems & metric monitoring for Delphi Automotive Systems indirect purchasing. He has worked with both SAP and QAD ERM systems and has been a PC&L manager for two automotive component sites as well as a QS9000 auditor.