Delphi Gets OK To Tap $4.35B DIP Loan Into 2009

Law360, New York (December 1, 2008, 12:00 AM EST) -- A bankruptcy judge reportedly has approved a request by Delphi Corp. for access to the proceeds of a $4.35 billion debtor-in-possession loan beyond its maturity date at the end of this year.

Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York issued an order Monday allowing the auto parts maker to tap into the DIP financing for the first half of 2009, six months after it is due to expire on Dec. 31, according to Reuters.

Troy, Mich.-based Delphi, which...
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