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GM to increase loan to Delphi

August 08, 2008|From Times Wire Services

General Motors Corp. has agreed to lend Delphi Corp. an additional $300 million as the auto parts supplier struggles to get out of bankruptcy protection, according to a court filing.

Delphi said GM agreed to increase its loan to $950 million from $650 million so Delphi could maintain a minimum level of liquidity.

The original $650 million was supposed to have been repaid when the auto parts supplier emerged from bankruptcy protection, but that has been delayed by tight credit markets and the pullout of a major investor.

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