New York  - After nearly four years of bankruptcy protection, the parts-maker Delphi got the green light from the court to sell most of its assets to lenders and its former parent, General Motors.

Delphi has set August 31 as the target date for the official end of the bankruptcy proceeding. Various rescue plans collapsed over the past years. The US branch of the international firm applied for bankruptcy protection in 2005.

Under the agreement, GM will take over Delphi's steering-component business and plants in Wyoming, Michigan; Kokomo, Indiana; and Rochester and Lockport, New York.

More than 1,900 objections to the plan were filed, mainly by former Delphi workers over cuts in severance and retirement benefits. The government-run Pension Benefit Guaranty Corp (PBGC) agreed to take responsibility for funds covering 70,000 Delphi workers and retirees. The final price tag could reach 6.2 billion dollars, PBGC said. (dpa)