GM Swoops In To Rescue Delphi

Law360, New York (September 15, 2008, 12:00 AM EDT) -- General Motors Corp. has agreed to step in and infuse its former subsidiary, Delphi Corp., with an additional $4.6 billion in hopes that the extra money will help propel the auto parts maker’s departure from bankruptcy.

On Friday, Delphi revealed that one-time parent company GM would offer a collective $10.6 billion in support, including picking up its $3.4 billion pension liability tab.

Delphi has been languishing in bankruptcy since 2005 and recently admitted that it may not be able to emerge as a stand-alone business without...
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