Delphi auto parts maker exits bankruptcy

Delphi Corp., once the largest U.S. auto parts maker, exited bankruptcy after almost four years in a sale to lenders and former parent General Motors Co.

Lenders including Elliott Management Corp. and Silver Point Capital LP are buying most of Troy, Mich.-based Delphi.

GM, which spun off the parts company in 1999, is purchasing some of the supplier's U.S. plants and its global steering operations. Delphi's Chapter 11 filing on Oct. 8, 2005, was the biggest U.S. auto-related bankruptcy at that time.

GM's costs to aid Delphi, estimated by the automaker at $12.5 billion through March, contributed to GM's own six-week stint in court protection that ended July 10.