General Motors Corp. is acquiring some of auto parts manufacturer Delphi’s U.S. plants and global steering operations as part of a deal that ended Delphi Corp.’s nearly four-year bankruptcy, Bloomberg reported.

Delphi Corp. exited bankruptcy Oct. 6 in a sale that gives majority control to an investor group and deals its steering operations to GM, its former parent company Bloomberg said.

GM will call the Saginaw, MI-based steering division, Nexteer Automotive. The automaker is going to “evaluate the ownership of the steering business” over time, said Renee Rashid-Merem, a GM spokeswoman.

GM, which spun off Delphi in 1999, will take over the parts maker’s steering-component plants in Wyoming, MI; Kokomo, IN; and Rochester and Lockport, NY, Bloomberg said. The investor group is getting factories and operations that are mostly outside the U.S.

Investors Elliott Management Corp. and Silver Point Capital LP will own most of the company, which will now be known as Delphi Holdings LLP, Bloomberg said. Elliott, Silver Point and other lenders won an auction in July by bidding the value of debt they were owed by Delphi, Bloomberg said. Those loans totaled $3.3 billion.

Delphi is also getting $900 million in new funding from more than 20 investors, said a spokesman for Elliott.

Delphi filed for Chapter 11 protection on Oct. 8, 2005. At the time, it was the biggest auto-related bankruptcy in U.S. history, Bloomberg said. This year, both GM and Chrysler Group LLC went through their own bankruptcies, although both lasted only months.

By Light & Medium Truck