Delphi Automotive Plc fka DLPH

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GM, Delphi supply agreements to carry through

* Aim to complete transaction by end of July

DETROIT, June 5 (Reuters) - General Motors Corp (GM.N) said on Friday it would provide $2 billion cash plus credit to support private equity firm Platinum Equity's buyout of its bankrupt former parts unit, Delphi Corp (DPHIQ.PK).

GM, which filed for bankruptcy on Monday, said it would acquire a Class A interest in the new company for the cash. Platinum Equity would put in $250 million cash for a Class B interest and Delphi would acquire Class C interests on behalf of junior bankruptcy financing lenders that forgive some debt.

GM and Platinum also have agreed to establish a secured term loan for the new company, with GM providing $500 million and Platinum $250 million, the automaker said in a filing with the U.S. Securities and Exchange Commission.

On Monday, Delphi said it reached a deal to sell most of its global operations to Platinum Equity, including its headquarters in Troy, Michigan, and five of its operations back to GM. Other assets would be sold or closed.

At that time, Delphi said it had emergence capital and capital commitments totaling $3.6 billion, but did not provide details. Delphi hopes to complete the deal by the end of July.

The deal could provide a final resolution for Delphi, which filed for bankruptcy in October 2005. A previous Delphi plan to emerge from bankruptcy protection in April 2007 fell through.

Supply agreements between GM and Delphi will be carried through to the end of related product programs, GM said. GM also said it would provide financing to support Delphi's operations, while the deal is completed.

The automaker said it would pay or take over $600 million of Delphi's senior debtor-in-possession credit facility, $300 million of its junior facility and $200 million of other obligations to be shared with the new company.

GM said it would waive $1.6 billion of pension costs that had been transferred from Delphi and $300 million of administrative claims when the transactions are completed.

GM also agreed to provide Delphi with a $250 million credit facility that will be waived if the deals are completed.

The plans require U.S. bankruptcy court approval.

The case is In re Delphi Corp, U.S. Bankruptcy Court, Southern District of New York, No. 05-44481. (Reporting by David Bailey; Editing by Andre Grenon)