Delphi Corp said on Monday it has reached a deal to sell most of its global operations to private equity firm Platinum Equity, allowing the car parts supplier to emerge from Chapter 11 bankruptcy protection.

Under the new reorganization plan for the former parts affiliate of General Motors Corp , Parnassus Holdings II LLC, a unit of Platinum Equity, would acquire and operate Delphi's U.S. and non-U.S. businesses with emergence capital and capital commitments totaling $3.6 billion.

A person familiar with the matter said that the $3.6 billion financing package would come from various sources including GM and Platinum, but declined to elaborate.

As part of the reorganization, GM has agreed to acquire five Delphi plants and the supplier's global steering business to ensure a supply of parts critical to its vehicle lineup.

The announcement came as GM filed for bankruptcy protection in New York on Monday, the third-largest filing in U.S. history and the largest ever in U.S. manufacturing.

After an extended period of complex and challenging discussions with a wide range of stakeholders, we are confident that these modifications will provide a resolution that will allow Delphi to emerge from Chapter 11, Delphi Chief Executive Rodney O'Neal said.

The transaction remains subject to approval by the U.S. Bankruptcy Court. The final hearing is set for July 23.

GM said in a statement it was committed to completing the transactions as part of its own bankruptcy process.

Delphi was negotiating a new reorganization plan with GM and other stakeholders after investors led by Appaloosa Management backed out of a $2.55 billion plan to support its emergence in April 2008.

Delphi, which was spun off from GM in 1999 and filed for bankruptcy in 2005, remains one of the automaker's key suppliers. GM has taken more than $11 billion of charges to help the company's reorganization along.

The case is In re: Delphi Corp et al, U.S. Bankruptcy Court, Southern District of New York, No. 05-44481.

(Reporting by Soyoung Kim; Editing by Steve Orlofsky and Gerald E. McCormick)

Manufacturing General motors