With the number five automotive supplier Delphi receiving an extension in its bankruptcy protection, GM is attempting to contribute another $300 million in loans to help the struggling company. The automaker’s credit line, which is in addition to $650 million already committed to the cause, is to undergo a court ruling on August 26.
Delphi asked a bankruptcy judge for the approval this past Wednesday, August 6, saying it has deemed it “prudent” to enhance its liquidity throughout 2008, as per Automotive News reports. The supplier, which is a GM subsidiary, has an agreement with the automaker to keep up a minimum of $500 in liquid assets.
Delphi posted global OEM parts sales totaling $22.28 billion last year.
