Delphi Defends Asset Sale

NEW YORK (AP) -- Auto-parts maker Delphi Corp. is defending the sale of a portion of its assets to a private-equity firm, saying it has been open to other buyers since it first entered bankruptcy protection four years ago.

In a Thursday court filing, Delphi Vice President and Chief Financial Officer John Sheehan offered a chronology of Delphi's dealings with Platinum Equity, which has agreed to purchase some Delphi assets in the U.S. and abroad as part of Delphi's plan to exit Chapter 11 bankruptcy protection.

Sheehan's chronology, which details discussions with Platinum, Delphi's debtors, the Treasury Department and others, follows several objections from debtors who are opposing the proposed sale to Platinum.

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