delphi corp

Delphi Corp. heads to bankruptcy court Wednesday seeking a judge's approval of a deal that could hand control of the auto supplier to its lenders and end its four-year stay in Chapter 11.

Auto parts maker Delphi Corp. says a deadline has passed with no further bidders on its business, paving the way for a sale to a California private-equity firm and General Motors Corp.

General Motors says it will pay $2 billion to Delphi Corp. to aid in the sale of the automotive parts supplier to a private equity firm, in exchange for equity of a newly restructured Delphi.

Delphi Corp. said Monday that it has reached a deal to sell some of its assets to a private-equity firm and emerge from bankruptcy protection.

Auto parts supplier Delphi Corp. says it hasn't reached an agreement yet with the Treasury Department and its former owner General Motors Corp. over the fate of its bankruptcy process and will default on its loans if it fails to by Monday.

Auto parts supplier Delphi Corp. has a few more weeks to work out a deal to sell its steering business to General Motors Corp., according to documents filed Wednesday in bankruptcy court in New York.