GM-Delphi Deal Put On Hold For Treasury Review

Law360, New York (March 24, 2009, 12:00 AM EDT) -- A judge has delayed consideration of a deal that would allow bankrupt auto parts supplier Delphi Corp. to sell its steering business to its former parent company, General Motors Corp., pending government review.

Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York delayed a decision on the deal Tuesday to allow the Obama administration more time to review the proposal, Delphi said.

The delay also allows Delphi to meet with those who objected to the deal. The hearing will...
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