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Bids on Delphi due today; few offers expected

Posted Friday, Jul 10, 2009, 10:22 am in Employee News

Today is the deadline for bids to buy the assets of bankrupt auto supplier Delphi Corp., and while multiple parties have expressed interest, not all are expected to make offers, The Detroit News reported.

Only Platinum Equity LLC, a California equity firm, officially submitted a bid by an initial June 1 deadline and negotiated a deal that has served as the benchmark that new suitors must match or beat, the paper said. Sources close to the situation have said Federal-Mogul Corp. and TRW Automotive Corp. have expressed interest in Delphi but not necessarily in submitting bids, the story said.

Platinum negotiated with Delphi, its former owner General Motors Corp. and the Obama administration auto task force to reach a $3.6 billion deal in which GM agreed to provide the lion’s share of funding for Delphi to emerge from bankruptcy. But U.S. Bankruptcy Judge Robert Drain later amended the procedures of the case and agreed to accept more bids until today after impassioned pleas by some of the lenders that have provided $3.25 billion in financing to Delphi under Chapter 11. (The Detroit News)
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