Delphi Strikes Deals To Sell Assets, Exit Ch. 11

Law360, New York (June 1, 2009, 12:00 AM EDT) -- Auto parts supplier Delphi Corp. has reached agreements under which a private equity firm will acquire most of its business operations and newly minted Chapter 11 debtor General Motors Corp. will acquire its steering business and certain plants, developments that Delphi says will allow it to emerge from its long-running bankruptcy.

Delphi plans to effect its emergence from Chapter 11 through a transaction with Platinum Equity Capital Partners LP affiliate Parnassus Holdings II LLC, which will operate Delphi's U.S. and foreign businesses going forward with “emergence...
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