GM Agrees To Up Loan To Delphi By $300M

Law360 (August 8, 2008, 12:00 AM EDT) -- General Motors Corp. has agreed to loan former subsidiary Delphi Corp. an additional $300 million as the auto parts maker continues its push to exit Chapter 11.

In a motion filed in the U.S. Bankruptcy Court for the Southern District of New York on Wednesday, Delphi said GM would increase its loan to Delphi to $950 million from the original $650 million.

The increased loan is meant to allow Delphi to maintain a liquidity level of $300 million in cash on hand, the motion said....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.