By DAVID MCLAUGHLIN
NEW YORK–A bankruptcy judge approved a plan that will allow General Motors Co. to team up with a private-equity firm to buy Delphi Corp. and take the auto maker’s former parts unit out …

Delphi Corp. announced today it has reached a deal to emerge from bankruptcy. As part of the agreement, Delphi will sell its Rochester manufacturing site to an affiliate of General Motors called GM Components Holding. …

GM now stands for Government Motors.

Also: GM and Chysler to sign contract with Tonka Toys

DETROIT — General Motors Corp. filed for Chapter 11 bankruptcy early Monday, marking the humbling of an American icon that once dominated the global car industry and setting up a high-stakes gamble for U.S. taxpayers. (See the Chapter 11 filing.)

By TOM KRISHER (The Associated Press)

DETROIT (AP) — General Motors Corp. will give the United Auto Workers union 17.5 percent of its common stock, $6.5 billion of preferred shares and a $2.5 billion note to fund a trust that will take over retiree health care costs starting next year.

NEW YORK, May 19 (Reuters) - General Motors Corp’s (GM.N) plan for a bankruptcy filing involves a quick sale of the company’s healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.