Auto parts maker Delphi Corp (DPHIQ.PK) has reached an agreement with its bankruptcy financing lenders and former parent General Motors for a plan to emerge from court protection, The New York Times reported on Thursday.

Delphi reached a tentative agreement early Thursday for a deal that would supersede one set with private equity firm Platinum Equity and GM, the New York Times said, citing people briefed on the matter.

The deal would involve Delphi's bankruptcy financing lenders, a group of hedge funds, making a credit bid for the company, while GM would pay to take back four plants and Delphi's steering business, The New York Times said.

Representatives from Delphi, GM and Platinum Equity were not immediately available for comment on the report.

Lenders had balked at what they called a sweetheart deal for Platinum Equity to provide $250 million cash plus a credit line and GM to provide financing.

Delphi's bankruptcy lenders include Elliott Management, Silver Point Capital and Monarch Alternative Capital.

Delphi, which filed for bankruptcy protection in October 2005, saw a previous plan to emerge from Chapter 11 fall through in April 2008. (Reporting by David Bailey, Kevin Krolicki, Soyoung Kim, Caroline Humer, Phil Wahba and Jui Chakravorty)

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