Delphi Emerging From Bankruptcy ROCHESTER, NY (WXXI) - Delphi Corp. announced today it has reached a deal to emerge from bankruptcy. As part of the agreement, Delphi will sell its Rochester manufacturing site to an affiliate of General Motors called GM Components Holding. The announcement comes the same day General Motors is filing for bankruptcy.

Delphi filed for bankruptcy on October 8, 2005. Under the reorganization announced today, an equity firm affiliated with Platinum Equity is going to operate most of Delphi's businesses. But GM will acquire sites with quote "labor-related legacy costs," including the powertrain manufacturing plant on Lexington Avenue in Rochester. It is unclear whether the Delphi technical center in Henrietta is being acquired by GM Components Holding as well.

Final approval for the deal announced today has been scheduled for July 23, 2009 in US Bankruptcy Court. © Copyright 2009, WXXI