US antitrust officials on Thursday approved plans by General Motors Co to acquire certain assets of bankrupt Delphi Corp GM is purchasing Delphi's global steering business and four of the parts supplier's plants it used to own in New York and Indiana. Delphi hopes to exit bankruptcy at month's end under control of its lenders, which have agreed to forgive nearly $3.5 billion in debt.
GM will assume more than $1 billion in Delphi obligations and waive $2 billion in claims. The automaker also plans to invest $1.75 billion and provide Delphi with loans. A New York bankruptcy judge approved the Delphi sale in July, and regulatory review continues. Delphi has been in bankruptcy since 2005.