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NEW YORK (AP) - A bankruptcy court judge on Thursday approved a $2 billion financing plan for auto parts maker Delphi Corp., which filed for bankruptcy protection earlier this month. The plan allows the company to pay everyday expenses such as employee salaries.
The judge also allowed Delphi to continue shifting money from its U.S. unit to its business units in 40 countries as part of its business activities.
The Troy, Mich.-based company's so-called debtor-in-possession financing plan was arranged by a group of banks including Citigroup Inc. and JP Morgan Chase & Co. Investment bank Rothschild Inc. served as advisor to Delphi when the parts maker sought out the backing from Wall Street lenders.
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