Delphi granted court approval of license agreement with GM

By Reshmi Basu

New York, Sept. 24 - Delphi Corp. obtained court approval Thursday for a license agreement with General Motors Corp. and its subsidiary General Motors Global Technology Operations, Inc. from the U.S. Bankruptcy Court for the Southern District of New York.

The license agreement will transfer intellectual property rights to GM for products that are no longer manufactured by Delphi.

As part of its reorganization plan, the company will sell certain non-core businesses, many of which provide products necessary for GM's manufacturing operations.

No objections were filed, according to Delphi counsel Jack Butler of Skadden, Arps, Slate, Meagher & Flom LLP.

Delphi, a Troy, Mich.-based automotive electronics manufacturer, filed for bankruptcy on Oct. 8, 2005. Its Chapter 11 case number is 05-44481.

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