As a result, the bankrupt auto-parts maker would continue to have access to $250 million of credit extended by GM, according to a regulatory filing on Friday.
Delphi also reached agreement to extend more than $3 billion of bankruptcy loans, known as debtor-in-possession financing. The loans and GM financing had been set to expire on Sept. 3.
A company spokesman said the agreements will allow the company to have access to financing as it seeks to close the sale of the company, which will enable it to emerge from bankruptcy after nearly four years.
The sale is expected to close by the end of the month, the spokesman said.
A bankruptcy court approved the sale of Delphi to its debtor-in-possession lenders and GM in July.
The lenders, led by Elliott Management Corp and Silver Point Capital LP, agreed to forgive nearly $3.5 billion of debtor-in-possession loans and invest about $750 million of capital in a new company.
Three companies will emerge from the bankruptcy: 'New Delphi;' a General Motors subsidiary consisting of Delphi's steering business and plants in Michigan, Indiana and New York; and DPH Holding Co, which will dispose of other Delphi businesses.
That plan reached one milestone on Thursday, when antitrust officials approved GM's acquisition of the plants. Delphi is a former subsidiary of GM and remains a major supplier to the automaker.
(Reporting by Tom Hals; Editing by Steve Orlofsky, Phil Berlowitz) Keywords: DELPHI/ (thomas.hals@thomsonreuters.com; 1-302-993-6283; Reuters Messaging thomas.hals.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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