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BUSINESS BRIEFING

GM gets OK to buy part of Delphi with U.S. aid

November 03, 2009|Times Wire Reports

General Motors Co. said it had received permission to use $2.8 billion of its government aid to help buy part of troubled auto parts supplier Delphi Corp., the automaker's former parts division.

The automaker said in a Securities and Exchange Commission filing that the Treasury Department granted the release of $1.7 billion to acquire "a membership interest" in the new Delphi that emerged from bankruptcy protection.

GM will use $1.1 billion to buy Delphi's global steering business and four parts manufacturing facilities.

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