Thursday, November 26, 2015
Current Weather
Loading Current Weather....
Published: Friday, 8/8/2008

GM agrees to boost loan to Delphi by $300M

NEW YORK General Motors Corp. has agreed to lend Delphi Corp. an additional $300 million as the auto parts supplier struggles to get out of bankruptcy protection, according to a court filing.

Delphi said in a filing Wednesday in U.S. Bankruptcy Court in New York that pending court approval, GM would increase its loan to the parts supplier to $950 million from $650 million so Delphi can maintain a minimum level of liquidity.

The original $650 million was supposed to have been repaid when Delphi emerged from bankruptcy protection.

A hearing before U.S. Bankruptcy Judge Robert Drain was scheduled for Aug. 26.

Recommended for You

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.