TROY, Mich. -- Delphi Corp. announced today that, following a two-day auction process conducted in New York City, Delphi's board of directors, in consultation with Delphi's official committee of unsecured creditors and its largest U.S.-based union, designated a pure credit bid received from JPMorgan Chase Bank as the 'successful bid' in last week’s auction of Delphi’s assets.

The pure credit bid transaction, which is also supported by General Motors, is based on a transaction structure that is similar to the transaction announced on June 1, with Parnassus Holdings, an affiliate of Platinum Equity Capital Partners, and GM Components Holdings, a GM affiliate. The sale would be implemented through a modified reorganization plan or through a section 363 asset sale, if the modified plan is not approved by the bankruptcy court.

The successful bid will not be formally accepted by Delphi until the bankruptcy court has reviewed and approved the transaction. The GM-Parnassus transaction announced on June 1 was designated the 'alternate transaction' following the auction process.

Delphi also announced that GM and the DIP Lenders agreed to modify financing agreements with Delphi that are intended to provide sufficient liquidity through consummation of the modified plan through a combination of GM loans, Delphi's use of certain cash collateral accounts pledged to the DIP Lenders and the repatriation of excess liquidity from Delphi's global affiliates.