Davis Polk & Wardwell LLP advised JPMorgan Chase Bank, N.A., as administrative agent under Delphi Corporation’s debtor-in-possession (DIP) financing facility, in connection with the consummation on October 6, 2009 of Delphi's plan of reorganization. Pursuant to the plan of reorganization, Delphi Holdings LLP acquired substantially all of Delphi's global core businesses. The acquisition was led by Elliott Management and Silver Point Capital (significant lenders under the DIP facility), and was effectuated through a credit bid by JPMorgan (on behalf of the DIP Lenders) of $3.48 billion of DIP obligations.

Delphi, an international automotive parts supplier based in Troy, Michigan, that was in bankruptcy since October 8, 2005, conducted an auction of its global core businesses on July 26 and 27, 2009, at which the credit bid was submitted. On July 27, 2009, Delphi's board of directors designated the credit bid as the successful bid, and on July 30, 2009, Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York approved the transaction and the related modifications to Delphi’s Chapter 11 plan of reorganization.

The Davis Polk insolvency and restructuring team included partner Donald S. Bernstein and associates Brian M. Resnick and Jonathan Armstrong. The credit team included partner Karin S. Day, associates Margie Chan, Stevan R.B. Nicholas and Brian Wolfe and legal assistant Manuel F. Gomez. The litigation team included partner Benjamin S. Kaminetzky and associates Rajesh James and Brooke A. Russakoff. The mergers and acquisitions team included partner John J. McCarthy Jr. and associates Scott D. Mitnick and Carson T. Stewart. All members of the Davis Polk team are based in the New York office.