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Delphi nears exit from Chapter 11

October 07, 2009|Times Wire Reports

Auto supplier Delphi Corp. said it had completed a deal with its lenders to allow it to exit bankruptcy protection nearly four years to the day it filed for Chapter 11.

On July 30, the bankruptcy judge overseeing Delphi's case approved the auto supplier's plan to hand control of the company to its lenders and pave the way for it to emerge from Chapter 11.

The exact details of the plan have not been publicly disclosed by the now privately held Delphi, which filed for Chapter 11 on Oct. 8, 2005.

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