Delphi Wins Approval to Exit Bankruptcy

Auto parts supplier has been in bankruptcy protection since 2005

Delphi, the former auto parts arm of General Motors, said July 30 a judge approved its plan to exit bankruptcy protection and that it expects to emerge "during the current calendar quarter."

The company, spun off from GM in 1999 and in bankruptcy protection since October 2005, said its plan to emerge from Chapter 11 supervision was approved by the U.S. Bankruptcy Court for the Southern District of New York.

"The plan provides for the restructured company to emerge from Chapter 11 as soon as remaining steps are completed, including regulatory approvals," Delphi said.

"We expect closing to occur during the current calendar quarter ... We expect to emerge as a well-capitalized, strong and resilient company, with a clear focus on remaining a premier global supplier to the world's (automakers), the aftermarket and our medical industry

Copyright Agence France-Presse, 2009

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