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Delphi sold in $3.6 billion deal
Delphi sold in $3.6 billion deal
Posted Tuesday, Jun 2, 2009, 11:05 am in Employee News
While its former parent formally entered bankruptcy proceedings Monday, auto parts manufacturer Delphi Corp. reached a deal to sell the bulk of its assets to a private-equity firm and finally emerge from bankruptcy protection after nearly four years, The Detroit News reported.
Parnassus Holdings II LLC, an affiliate of Platinum Equity, will buy a chunk of Delphi’s U.S. and foreign operations for about $3.6 billion, Delphi said Monday, the News reported. Under the plan, GM, which spun off Delphi in 1999, will reacquire some of the company’s North American plants, including its global steering business, and factories in Wyoming, Mich.; Lockport and Rochester, N.Y.; and Kokomo, Ind., the News said.
Delphi’s remaining “noncore” operations will be sold or discontinued, and GM has agreed to assume additional retiree pension and health care obligations from Delphi as part of the plan, the paper said. Delphi has been operating under bankruptcy protection since October 2005. A final hearing on the plan is scheduled for July 23, the story said. (The Detroit News)
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Rick
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