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
doc_bio_tags: B I O B O O O O B O O O B O O B I B I O B I O O B I I I I O B O B B O B I I O O B O B O B I O O O O B I O B O B O O O B O O O O O O O O O B I O O O O O B O O O B O O O O O O O B O O B I O O O O O O O O O B O O O O O O O B O O O B O O O O O B I O O O O B I O O B I O O O O O O B I I O O O B O O O O O O O O O O O B I I O O O O O O B I I O B O O O O O O B O O O O B I O B I O O B O O O O O O B O O B B O O O O O O O O O O O O O O O O B O O O O O O B I O O O O O B I O B O O B O O B I O B O O O O O O O O B O O B O O O O O O B O O O O O O B O O O O O O O O O O O O O O O O B O O O O O B I I O O O B O O O O O O O O O O B O O O B O O O O O O O O O O O O O B O O B O O O O B I I O O O B O O O O O O O B I I I O O O O O B O B O B O O O O B I O O B I I O O O O O B I O O O O O O B O B O O O B I O O O O O O O O O O O O O O B O O O O O O O
extractive_keyphrases: christina rogers 2011 bankruptcy stake end its ties chief financial officer forced to reacquire jim cain systematically troybased fortify chinese government sold insurer commitment delphi automotive llp 16 billion private equity gm sells david shepardson balance sheet pension benefit guaranty corp dan ammann detroit news general motors co revenue 594 million ownership things much for officially becomes simple relationship move helps clear said thursday new firm public separate company valued claims billion sale than cash first quarter take last year auto bringing process which pays global down more debt
abstractive_keyphrases: phillippi autotrends consulting 38b pension benefit sheet balance forced reacquire sale strengthens chinese