Delphi Exits Ch. 11 In Lenders' Hands

Law360, New York (October 7, 2009, 2:59 PM EDT) -- After four years in bankruptcy, auto parts manufacturer Delphi Corp. has emerged from restructuring a smaller, privately owned company committed to ushering in the next generation of vehicles.

A consortium of lenders led by Elliott Management Corp. and Silver Point Capital LP have acquired most of Delphi businesses in a pure credit bid that puts the newly formed Delphi Holdings LLC on a well-capitalized path to competitive production, according to the press release.

In addition to forgiving $3.4 billion in loans, the acquisition provides $900 million...
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