Delphi Corp. creditors win out in auction for company’s assets

NEW YORK (AP) — Auto parts maker Delphi Corp. said Monday its creditors won out over a California private-equity firm in an auction for the company’s assets as it moves to emerge from bankruptcy protection.

Troy, Mich.-based Delphi said creditors led by JPMorgan Chase Bank had the successful bid. The lenders submitted a credit bid, which would involve them forgiving the combined $3.45 billion in debt owed them by Delphi.

The deal is backed by General Motors Co. Delphi was a GM parts subsidiary until it was spun off as an independent supplier in 1999. A court hearing on the matter is set for Wednesday.

For the complete story, see Wednesday’s Vindicator and Vindy.com