Delphi Corp (Troy, Michigan / USA; www.delphi.com) is to emerge from bankruptcy following the purchase of most of its global operations by Parnassus Holdings II, an affiliate of private equity firm Platinum Equity (Los Angeles / USA; www.platinumequity.com) for USD 3.6 bn (EUR 2.53 bn). Delphi made the announcement on the same day its former parent, General Motors, entered Chapter 11 bankruptcy proceedings. GM Components Holdings, an affiliate of General Motors, has agreed to acquire five Delphi plants and the supplier’s global steering business as part of the reorganisation to ensure a supply of critical parts. Delphi filed for chapter 11 protection from creditors in 2005 – see Plasteurope.com of 20.10.2005.

Rodney O’Neal, Delphi CEO and president, said: “After an extended period of complex and challenging discussions with a wide range of stakeholders, we are confident that these modifications to our confirmed plan of reorganisation will provide a resolution that will allow Delphi to emerge from Chapter 11.”