GM Agrees To Up Loan To Delphi By $300M

Law360, New York (August 8, 2008, 12:00 AM EDT) -- General Motors Corp. has agreed to loan former subsidiary Delphi Corp. an additional $300 million as the auto parts maker continues its push to exit Chapter 11.

In a motion filed in the U.S. Bankruptcy Court for the Southern District of New York on Wednesday, Delphi said GM would increase its loan to Delphi to $950 million from the original $650 million.

The increased loan is meant to allow Delphi to maintain a liquidity level of $300 million in cash on hand, the motion said....
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