Delphi Could Soon Emerge From Bankruptcy
Auto parts maker
Delphi Corp.
, which has been in bankruptcy for the last four years, may finally emerge from Chapter 11 and avert liquidation, the
New York Times
reports.
The Obama administration's auto task force is pushing for a sale of at least some Delphi assets to a third-party buyer, the
Times
reports, citing people briefed on the matter. The assets could be sold to another parts supplier or an investment firm.
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General Motors
(GM) - Get General Motors Company Report
, which is nearing its own bankruptcy filing, was once the parent company of Delphi. Still a major Delphi customer, GM might reacquire some assets as well, the newspaper reports.
GM has agreed to take back five Delphi plants as part of its reorganization, the
Times
notes, although the terms of that deal haven't been settled.
The talks are continuing and still could break down, the people said. But one of these people said that an agreement might be struck during the weekend, the
Times
reports.
