Delphi Wins Approval For $2.55B Investment Pact

Law360, New York (August 3, 2007, 12:00 AM EDT) -- The court in charge of Delphi Corp.'s Chapter 11 proceedings has given its blessing to a deal under which a group of investors led by Appaloosa Management LP will put as much as $2.55 billion into the bankrupt auto parts maker, a development the company is touting as a key step towards emerging from bankruptcy.

Thursday, U.S. Bankruptcy Judge Robert Drain issued an order approving the equity purchase and commitment agreement between Delphi and the investors, writing that the deal was fair, reasonable, and in the...
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