Delphi To Exit Bankruptcy

06.03.09 | FL News Team

Auto supplier Delphi Corporation has announced a deal which will allow it to exit Chapter 11 bankruptcy. Under terms of the agreement, some of the company's assets will be sold to Parnassus Holdings II, LLC, which will continue to operate Delphi's business units around the world. Additionally, some of Delphi's plants will be purchased by General Motors, while business units described as "non-core" will be sold off during the next few years. The agreement could take effect as early as July 23rd when there's a final hearing before the bankruptcy judge.