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On July 30, 2009, Bankruptcy Judge Robert D. Drain approved a modified plan for Delphi Corporation that should end the troubled auto supplier’s tumultuous, four-year odyssey through Chapter 11. The modified plan was the result of a two-day court-ordered auction process in which the credit bid of Delphi’s debtor-in-possession lenders beat out a rival bid. Under the terms of the modified plan, the DIP Lenders will forgive approximately $3.44 billion of what they are owed in exchange for taking over the bulk of Delphi’s assets and operations. In addition, Motors Liquidation Company (f/k/a General Motors Company) will take over four of Delphi’s North American factories along with its steering business.

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