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Delphi Auction

Delphi Auction

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Auto supplier Delphi Corp.

(DPHIQ) is set to auction its assets on Tuesday as its lenders prepare to challenge a proposed government-arranged sale to General Motors Co.

and private equity firm Platinum Equity.

In court papers filed Wednesday, the lenders said they would make an offer to buy Delphi out of bankruptcy protection.

On Thursday, Judge Robert Drain of the Manhattan bankruptcy court in New York postponed the Delphi auction to Tuesday from Friday.

A sale hearing is set for Thursday.

The lenders plan to bid for the company by forgiving debt they're owed, a process known as credit bidding.



http://online.wsj.com/article/BT-CO-20090717-710034.html
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