Delphi Bankruptcy Ruling Coming Soon

The Delphi Corp. in Troy, Mich., filed for bankruptcy protection Saturday.
AP
The judge overseeing Delphi's bankruptcy case is expected to rule today on the Michigan auto supplier's plan to hand control of the company to its lenders and eventually end its nearly four-year stay in Chapter 11.

After an eight-hour-long court session yesterday in which nearly all objections to Delphi's plan were either withdrawn or dismissed, U.S. Judge Robert Drain indicated he will approve the plan.

The judge is expected to rule on a remaining minor dispute this morning. The hearing is set to reconvene at 10 a.m. and include a closing presentation from Delphi's attorneys.

If the plan is approved it would pave the way for Delphi to soon emerge from bankruptcy protection.

Delphi attorney Jack Butler says the Troy-based company has set a target date of Aug. 31 and expects to be out of Chapter 11 by Sept. 30.