Delphi Gets Initial OK For $250M In GM Financing

Law360, New York (June 10, 2009, 12:00 AM EDT) -- Bankrupt auto parts supplier Delphi Corp. has won preliminary approval to tap $250 million in financing from former parent General Motors Corp. as Delphi looks to emerge from its lengthy voyage through Chapter 11.

Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York on Wednesday gave Delphi preliminary approval to access the GM debtor-in-possession financing, a Delphi spokesman said.

Delphi, which has reached a deal to sell most of its business operations to an affiliate of private equity firm Platinum...
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