Delphi has now been in Chapter 11 in the US for almost four years and its attempt to exit at the beginning of the year was scuppered by the economic downturn. If it had come out, it might well have gone in again this year (it is rather wonderfully called ‘Chapter 22′ when you go in twice, Rob Golding tells me).

A new proposed exit deal calls for Delphi to sell four US parts plants and its steering business to former parent GM. Most of Delphi’s remaining assets would be sold to Platinum Equity.

A number of lenders – hedge funds – are pretty unhappy at what they will get out of it. A competing bid could come in but I doubt the proposed deal, supported by Obama’s taskforce, will be seriously endangered. If this deal comes undone GM potentially gets another major headache it can do without.

Was the deal a bit of a stitch-up though? Sounds like it might well have been.

US: Lenders oppose planned Delphi sale