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Judge clears way for Delphi to exit 4-year bankruptcy
Judge clears way for Delphi to exit 4-year bankruptcy
Posted Monday, Aug 3, 2009, 1:18 pm in Employee News
The end of Delphi Corp.’s nearly four-year trip through bankruptcy is in sight, The Detroit News reported.
U.S. Bankruptcy Judge Robert Drain on Thursday swept aside a remaining objection and approved a plan to sell the auto supplier to its lenders, the paper said. That will allow the Troy, Mich.-based auto parts maker to emerge from bankruptcy by Sept. 30, the News said.
Drain authorized the sale of most of Delphi’s assets to bankruptcy lenders for the $3.5 billion they are owed, the paper said. Delphi’s board of directors last week opted for the bid of the company’s creditors over one initially backed by the U.S. Treasury Department and its former parent, General Motors Co., the story said. (The Detroit News)
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