GM Stepping In To Fill Delphi's $3B Loan Gap

Law360 (March 6, 2008, 12:00 AM EST) -- Bankrupt Delphi Corp. may be out of the dire straits in which its failure to secure sufficient exit financing in the current credit market had placed it, now that former parent General Motors Corp. has agreed to loan the auto parts maker over $2.8 billion.

Delphi announced the proposed loan on Wednesday and also filed an expedited motion to implement its reorganization plan, which received court approval in January, in the U.S. Bankruptcy Court for the Southern District of New York.

Only last week, the debtor...
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