Judge OKs Delphi Lender Bid

Manufacturing.net (7/30, Fowler; AP) – A bankruptcy judge on Thursday approved Delphi Corp.'s plan to hand control of the big auto parts supplier to its lenders and soon end a nearly four-year stay under Chapter 11 protection…The Troy, Mich.-based company has set a target date of Aug. 31 for emerging and expects to be out by Sept. 30 at the latest. Delphi, General Motors' former parts division, was spun off from the automaker in 1999 and filed for Chapter 11 in October 2005. The supplier still produces about 10 percent of the parts used in GM's global production and its components go into nearly all of GM's North American production lines.