Delphi Creditors Vote Against Asset Sale

Law360, New York (July 21, 2009, 4:34 PM EDT) -- The majority of Delphi Corp.'s creditor groups have voted against its proposed reorganization plan, which includes the 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.

In documents filed Monday in the U.S. Bankruptcy Court for the Southern District of New York, a firm hired by Delphi said 10 creditor groups had voted against the proposal. Another five groups didn't vote, and two voted in favor of the plan.

A hearing...
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