LOS ANGELES — Earlier this month it was reported that Delphi Corp. has won approval for a reorganization plan that includes emerging from bankruptcy with the financial assistance of global M&A firm Platinum Equity. Under the terms of the agreement, Parnassus Holdings, an affiliate of Platinum Equity, will operate Delphi’s U.S. and non-U.S. businesses going forward with emergence capital and capital commitments of approximately $3.6 billion, minus certain sites that will be acquired by GM Components Holding LLC.

Platinum Equity Chairman and CEO Tom Gores commented today on Platinum’s proposed acquisition of Delphi.

“Platinum Equity is uniquely equipped to help Delphi in ways no other investor can,” said Gores. “The automotive sector is in a period of extraordinary transition. Financial investment is critical, but true solutions for the industry will be about more than money. Struggling companies need partners with strong operational capabilities, a deep understanding of their business and a track record of creating real value.

“We have spent more than three years learning Delphi’s business and assembling the plans needed to help Delphi successfully emerge from bankruptcy on a road to long-term health and profitability,” Gores explained. “We have good working relationships with Delphi’s senior management and its global OEM customer base. We are ready to help and will see to it that we are a positive contributor to the industry’s transformation.”