Private Equity Hub – A group of hedge funds that provided bankruptcy funding to Delphi Corp on Monday won a high-stakes auction to take control of the auto parts supplier, scuttling a rival deal brokered by the Obama administration.

Delphi’s board of directors and GM both offered their support for the proposed deal that would hand the company’s assets over to its debtor-in-possession lenders in exchange for their forgiveness of nearly $3.5 billion in loans.

The result, announced by Delphi late Monday, came after a two-day auction in New York.

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assets, auction, auto-parts-supplier, bankruptcy, board-of-directors, debtor in possession, delphi, delphi-corp, forgiveness, gm, hedge funds, hub, lenders, loans, obama, rsquo, s board