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Delphi deal may end bankruptcy
Delphi deal may end bankruptcy
Posted Tuesday, Jul 28, 2009, 3:16 pm in Employee News
Delphi Corp.’s lenders won an auction for the troubled auto supplier’s assets late Monday, setting the stage for its long-awaited exit from bankruptcy, The Detroit News reported.
Delphi’s board of directors met in New York late Monday and selected the bid over a plan by a private equity firm backed with $2.5 billion in financing from General Motors Co., the paper said. U.S. Bankruptcy Judge Robert Drain will hold a hearing Wednesday to approve the deal that could finally allow Delphi to emerge from court protection after almost four years, the News said.
“GM supports this bid,” the company said in a statement late Monday. The GM statement noted that the lenders’ proposal “was deemed successful by Delphi and provided better economics to GM than that from Platinum Equity,” the story said. (The Detroit News)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
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