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Judge Endorses Delphi Plan Amid Protests

Law360 (January 12, 2007, 12:00 AM EST) -- Despite stiff opposition, a federal bankruptcy judge has approved a $3.4 billion bailout plan from two hedge funds and a private equity firm that Delphi Corp. hopes will serve as the springboard for the embattled auto supplier’s emergence from bankruptcy protection.

On Friday, U.S. Bankruptcy Judge Robert Drain greenlighted Delphi's request to enter into framework agreement with Appaloosa Capital Management LP, Cerberus Capital Management LP and Harbinger Capital Partners Master Fund I.

“The approval of the motion and the transaction it contemplates is in fact, if...
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