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U.S. approves GM plans to buy certain Delphi assets

U.S. approves GM plans to buy certain Delphi assets

Automotive News | September 3, 2009 – 11:31 am EST


WASHINGTON (Reuters) — U.S. antitrust officials today approved plans by General Motors Co. to acquire certain assets of bankrupt Delphi Corp.

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.

Delphi hopes to exit bankruptcy at month’s end under control of its lenders, which have agreed to forgive nearly $3.5 billion in debt.

GM will assume more than $1 billion in Delphi obligations and waive $2 billion in claims. The automaker also plans to invest $1.75 billion and provide Delphi with loans.

A New York bankruptcy judge approved the Delphi sale in July, and regulatory review continues.

Delphi, the former GM parts unit, filed for bankruptcy in October 2005.

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