jim gillette

jim gillette

By the end of the Delphi bankruptcy, Delphi's former company trying to send fresh start. But it will be overshadowed by its new owner - and former owner - General Motors Co.

But for now, the steering systems that the former Delphi division makes are so critical to GM's production that the automaker acquired the business Tuesday. GM had spun off the steering business with Delphi in 1999.

GM bought back four other former Delphi plants after agreeing to take on $600 million in Delphi's debt. GM also pledged as much as $210 million in financial support to American Axle Manufacturing Inc. to help the company stay out of bankruptcy. In return, GM can buy up to 19.9% of the axle maker's stock at a discount.