Delphi To Refinance With $4.5B Loan

Law360, New York (January 5, 2007, 12:00 AM EST) -- Bankrupt auto parts maker Delphi Inc. has gotten the green light to borrow $4.5 billion to finance its exit from Chapter 11 bankruptcy protection.

Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York approved the refinancing, which is expected to be finalized next week. The new arrangement is expected to save Delphi about $8 million a month.

The company originally proposed the refinancing on Dec.18, the same day it proposed a private equity agreement that would pump $3.4 billion into...
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