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Delphi To Reorganize With CBA, Investor Deal

Law360 (July 19, 2007, 12:00 AM EDT) -- Bankrupt auto parts maker Delphi Corp. has accepted an equity-based bid from hedge fund Appaloosa Management LP, and a federal judge has green-lighted the company's deal with the United Automobile Workers.

Manhattan bankruptcy judge Robert Drain approved the collective bargaining agreement Thursday a few weeks after union members voted to accept the pact.

Delphi's acceptance of the bid and the judge's approval of the union agreement are two major steps forward in Delphi's struggle to emerge from Chapter 11.

The agreement included “significant and necessary” alterations...
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