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Mon July 13, 2009
Judge OKs shift of some Delphi assets to new GM
NEW YORK – A bankruptcy judge has approved a deal to shift some of auto parts supplier Delphi's assets to the General Motors Co. that emerged from Chapter 11 bankruptcy protection last week.
The transaction could help save Troy, Mich.-based Delphi Corp. from liquidation. But it still hinges on a deal between Troy, Mich.-based Delphi, the new General Motors and an affiliate of Platinum Equity going through as well.
Beverly Hills, Calif.-based Platimun Equity has agreed to buy some of Delphi's assets, with the help of billions of dollars in financial aid from GM as part of Delphi's plan to exit bankruptcy protection.
But several objections have been filed. Delphi's creditors have until later this week to submit a competing bid for the company.