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.