View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
September 4, 2009

US: Delphi hopes to exit Ch11 by end-month

Delphi still hopes to exit bankruptcy in the US by the end of this month under a deal with its creditors.

Delphi still hopes to exit bankruptcy in the US by the end of this month under a deal with its creditors.

The firm has been in Chapter 11 bankruptcy since 2005 and its plans to exit early this year were scuppered when a deal with investors was hit by the international financial crisis.

Under the current exit plan that won court approval in late July, Delphi will sell its assets to its lenders and General Motors.

Creditors have agreed to forgive nearly US$3.5bn in debt while GM will assume more than US$1bn in Delphi obligations and waive US$2bn in claims.

Federal antitrust officials have now approved plans by GM to acquire Delphi assets.

See also: US: Delphi heading out of bankruptcy at last

Topics in this article: ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every quarter.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Auto