document: GM sells Delphi stake for $ 3.8 B Sale strengthens automaker 's cash , boosts balance sheet David Shepardson and Christina Rogers / The Detroit News General Motors Co. has sold its ownership stake in Delphi Automotive LLP to bolster cash and fortify its balance sheet . The Detroit automaker said Thursday the sale was valued at $ 3.8 billion . GM , which spun off Delphi as a separate company in 1999 , reacquired partial ownership of in the Troy-based supplier in October 2009 as it exited bankruptcy as a new firm owned mostly by former creditors . Delphi filed for bankruptcy in 2005 . '' `` We are systematically delivering on our commitment to strengthen and simplify our balance sheet , '' '' said Dan Ammann , who officially becomes GM 's senior vice president and chief financial officer today . The sale ends a painful period for GM , which had sought to end its ties with Delphi , only to be forced to reacquire its global steering business in 2009 . It sold the business to a Chinese government firm last year . The sale does n't change GM 's day-to-day relationship with the global auto supplier . '' `` It allows GM and Delphi to have a normal automaker , supplier relationship , '' '' said GM spokesman Jim Cain . GM will report $ 1.6 billion in revenue from the sale in the first quarter of 2011 . While GM will eventually earn $ 3.8 billion on the sale , it previously spent $ 12.5 billion to help the supplier during its bankruptcy stay . Analyst Joe Phillippi , AutoTrends Consulting in Short Hills , N.J. , said the sale is n't likely to change things much for GM or the auto supplier . '' `` This is the culmination of a process that began more than 10 years ago , '' '' Phillippi said . '' `` GM is bringing in more cash and they 'll pay down more debt , pure and simple . '' '' On Thursday , the Pension Benefit Guaranty Corp. -- the government 's pension insurer -- sold its stake in Delphi for $ 594 million . The move helps clear the way for Delphi 's private equity owners to sell the company or take it public . PBGC , which pays Delphi 's pension benefits , obtained an interest in Delphi Automotive in 2009 for claims on its bankruptcy-terminated pension plans . dshepardson@detnews.com
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