Judge Approves Delphi Sale Plan

Law360, New York (July 30, 2009, 5:11 PM EDT) -- A bankruptcy court judge has approved auto parts maker Delphi Corp.'s plan to sell itself to a group that includes its lenders and former parent company General Motors Corp., setting up the company for an imminent exit from a lengthy Chapter 11 proceeding.

Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York signed off on the company's first amended joint plan of reorganization Thursday during a two-day confirmation hearing, Delphi confirmed Thursday.

The plan involves selling the company to...
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