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Platinum Equity, the Beverly Hills buyout firm that owns the Union-Tribune, lost its bid to buy Delphi Corp., the auto parts maker, according to various news organizations. Earlier, Platinum had made a deal that would have been heavily subsidized by General Motors, which is controlled by the federal government. But creditors complained that they would get 20 cents on the dollar, and submitted their own bid. Now, Delphi has selected the creditors' bid, and General Motors has switched its loyalty from Platinum. The deal has to be approved by the New York bankruptcy court, which has a meeting tomorrow. Delphi didn't give a value to the creditors' bid. Delphi has been in bankruptcy since 2005. General Motors had owned it until 1999, when it was spun off. If the deal goes through, it could clear the way for Delphi to emerge from bankruptcy.
Platinum Equity, the Beverly Hills buyout firm that owns the Union-Tribune, lost its bid to buy Delphi Corp., the auto parts maker, according to various news organizations. Earlier, Platinum had made a deal that would have been heavily subsidized by General Motors, which is controlled by the federal government. But creditors complained that they would get 20 cents on the dollar, and submitted their own bid. Now, Delphi has selected the creditors' bid, and General Motors has switched its loyalty from Platinum. The deal has to be approved by the New York bankruptcy court, which has a meeting tomorrow. Delphi didn't give a value to the creditors' bid. Delphi has been in bankruptcy since 2005. General Motors had owned it until 1999, when it was spun off. If the deal goes through, it could clear the way for Delphi to emerge from bankruptcy.