Parnassus Holdings II, an affiliate of Platinum Equity, could be new Delphi parent

Delphi Corp. has proposed emerging from bankruptcy court under the control of Parnassus Holdings II, an affiliate of Platinum Equity.

Delphi said today that the plan has the support of General Motors, its former parent which has been providing financing so the auto parts supplier doesn’t fail. The proposal must be approved by a U.S. bankruptcy court judge.

Delphi said some non-core plants will be retained by a company that would be known as DPH Holdings Co. Those plants would be divested over time.

Delphi, which has been in bankruptcy since 2005, is the parent company of Warren-based Delphi Packard Electric, which makes components for wiring systems locally.

For more information, see Tuesday’s Vindicator or www.vindy.com.