Delphi Buys Back GM, PBGC Stakes For $4B

Law360, New York (March 31, 2011, 9:46 PM EDT) -- Auto parts supplier Delphi Automotive LLP said Thursday it had paid more than $4 billion to buy back stakes in the company owned by General Motors Co. and the federal Pension Benefit Guaranty Corp.

Delphi handed $3.8 billion to GM for its Class A interests and paid $594 million to buy PBGC's Class C interests. To fund the deal, Delphi used cash on the company's balance sheet along with $2.5 billion of new bank debt as part of a $3 billion credit facility provided by J.P....
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