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Delphi Reaches Deal To Exit Bankruptcy

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

NEW YORK (AP) -- 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.

Parnassus Holdings II LLC, an affiliate of Platinum Equity, will operate Delphi's businesses both in the U.S. and abroad with about $3.6 billion in emergence capital and capital commitments.

In addition, the Troy, Mich.-based company's former parent, Detroit-based General Motors Corp., will acquire some of the company's North American plants, including its global steering business.

Other "non-core" plants and assets will be sold off over time.

A final hearing on the deal is scheduled for July 23.

Delphi has been operating under bankruptcy protection since October 2005.