Delphi Wins Approval to Exit Bankruptcy

July 30, 2009
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

Popular Sponsored Recommendations

Why DataOps may be the key to unlocking the full potential of digital transformation

Nov. 3, 2023
Read the 2023 market survey conducted by IndustryWeek

Discrete and Process Manufacturing 2024 Trends and Outlook for North America

Oct. 29, 2023
Manufacturers are reaping the benefits of automation and cloud-based solutions. Discover what is driving today's industry trends and how they can shape your growth priorities ...

The Benefits of Continuous Thermal Monitoring

Oct. 17, 2023
Read this eBook to learn more about collecting and using data intelligently to improve performance.

Are You Positioned To Tackle Supply Chain Risk?

Sept. 20, 2023
Supply chain disruption is here to stay, but you can keep ahead of potential issues — and identify new opportunities — by regularly assessing your suppliers. Download our supplier...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!