U.S. antitrust officials approve GM plans to buy assets of Delphi
By Andrew C., 27 Aug, 2010. 0 Comments
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General Motors Co.'s plans to acquire certain assets of Delphi Corp. were approved recently by US antitrust officials. Assets that will be transferred to GM include Delphi's global steering business and four of the parts supplier's plants it used to own in New York and Indiana.
Delphi's lenders have entered agreements to forgive almost $3.5 million in debt. GM has agreed to waive $2 billion in claims and it has also said that it will assume more than $1 billion of Delphi's obligations. In addition, GM will invest $1.75 billion in Delphi and provide it with loans. The Delphi sale was approved in July; however, regulatory review is ongoing. Delphi filed for bankruptcy in October 2005. Delphi is anticipating that it will be able to exit bankruptcy at the end of September.
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