Delphi Says Liquidity Overstated for 5 Years

Delphi Corp., the auto part maker whose accounting is being investigated by regulators, said it misled bond rating companies and the board for five years about the company’s financing. Treasurer Pam Geller resigned.

Between 1999 and the fourth quarter of 2004, Delphi said it sold more of its European accounts receivable than previously disclosed, understating the degree to which Delphi’s debt exceeded its cash.