Delphi, the long-struggling auto parts maker, has reached a deal with its lenders and onetime parent General Motors over a new plan that would lift the company out of bankruptcy, people briefed on the matter say.
The accord was struck early Thursday, ahead of a Friday deadline for a bid from the lenders. It supersedes a deal that Delphi and G.M. had reached with Platinum Equity, a Los Angeles private equity firm that had agreed to take over the bulk of the supplier's business. It would also conclude a bruising legal battle between the company and its lenders.
If approved by the Federal Bankruptcy Court in Manhattan, the agreement would bring an end to Delphi's nearly four years of Chapter 11 bankruptcy proceedings.
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