Ace, Delphi Strike Deal Over Insurance Contracts

Law360, New York (August 17, 2009, 12:27 PM EDT) -- Ace American Insurance Co. and Delphi Corp. have reached a deal over a limited objection stemming from provisions to transfer insurance contracts to General Motors Corp. and a group of lenders under the bankrupt auto parts maker's recently approved asset sale plan.

Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York signed off Friday on the deal, which will see Delphi's buyers pay for the insurance contracts under the normal course of business on transfer of the policies by...
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