Delphi Bondholders Object To Proposed Asset Sale

Law360, New York (July 16, 2009, 4:10 PM EDT) -- Wilmington Trust Co., trustee for the holders of about $2 billion in bonds issued by bankrupt auto parts supplier Delphi Corp., has joined a growing list of parties objecting to the proposed sale of the bulk of the company’s assets to an entity controlled by a hedge fund and the debtor’s former parent, General Motors Corp.

The bond trustee filed its objection Wednesday in the U.S. Bankruptcy Court for the Southern District of New York contending that the proposed Section 363 sale allows GM and Platinum...
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