Today in a bankruptcy auction, the lender’s forgave over $3.4 billion in debt they were owed by Delphi and in the process get ownership of the company.
Earlier plans had called for General Motors to buy part of the parts maker. GM is said to be happy with this new bid. GM needs Delphi to remain viable as it emerges from bankruptcy.
Delphi entered Bankruptcy in 2005 and currently has 133,000 employees. Sales in 2008 were $18.1 billion.
Sounds like great news for the employees!