DIP Group Backs Delphi Sale To Lenders

Law360, New York (July 28, 2009, 5:47 PM EDT) -- A collective of debtor-in-possession lenders has voiced its support for a modified Chapter 11 exit plan for bankrupt General Motors Corp. supplier Delphi Corp. in which the company proposes selling itself to a consortium of creditors in lieu of an earlier sale proposal involving investment fund Parnassus Holdings II LLC.

The DIP lenders submitted their response to Delphi’s request to modify its sale plan Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, following an auction in which a lenders group led...
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