Earlier this week, Delphi announced that it had received notice from its lender, JPMorgan Chase Bank, that it might submit a credit bid for the company, in accordance with the rules of the bankruptcy court. Late yesterday, media outlets reported that JPMorgan submitted a pure credit bid and has reached a tentative deal with Delphi and its former parent company, General Motors.

The company would be acquired by JPMorgan Chase in exchange for forgiving Delphi’s debt. The lenders are owed about $3.5 billion, according to reports. This deal could override the pending sale of Delphi to Platinum Equity, a private equity firm based in California. Hundreds of Delphi constituents, from retirees to the state of Michigan, this week filed objections to the pending sale to Platinum.

According to Delphi’s statement earlier this week, if JPMorgan submitted a bid, Delphi would be required by the court to conduct an auction of its assets today. The company said it expects to announce additional details on July 20.