Court approves DIP financing for Delphi

Newswire

NEW YORK, Oct 27 (Reuters) - U.S. bankruptcy court judge Robert Drain on Thursday approved $2 billion of debtor-in-possession financing for Delphi Corp. , which filed the biggest bankruptcy in U.S. automotive history earlier this month. Delphi, the largest U.S. auto parts supplier, had prearranged $2 billion of financing led by JP Morgan Chase & Co. and Citigroup Global Markets Inc. for the Chapter 11 case. "The debtor-in-possession process was negotiated at arms-length in good faith ...

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