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September 4, 2009

US: GM cleared to buy Delphi assets

US antitrust officials have approved General Motors' plans to acquire some assets from bankrupt Delphi.

US antitrust officials have approved General Motors’ plans to acquire some assets from bankrupt Delphi.

GM is purchasing Delphi’s global steering business and four of the parts supplier’s plants it used to own in New York and Indiana, Reuters reported.

A New York bankruptcy judge approved the Delphi sale in July, and regulatory review continues. Delphi, in bankruptcy since 2005, hopes to exit the process at the end of this under control of its lenders which have agreed to forgive nearly US$3.5bn in debt.

The report said GM would assume more than $1bn in Delphi obligations and waive $2bn in claims and also plans to invest $1.75bn and provide Delphi with loans.

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