The board of bankrupt autoparts maker Delphi Corp. has asked the bankruptcy court to approve a deal that sends the Troy, Mich.-based Delphi into the hands of its lenders and put an end to company's four-year stay in Chapter 11. The sale hearing that took place in a crowded courtroom, ended Wednesday afternoon, and was planned to resume at 10 a. m. on Thursday.

Earlier this week Delphi's board accepted a bid from its debtor-in-possession lenders.

In exchange, the lenders, which include hedge funds as Elliott Management Corp, Monarch Alternative Capital and Silver Point Management, agreed to forgive roughly $3.4 billion of debt-in-possession loans. The day in the court could run long as more than 2,000 objections have been filed by Delphi workers and retirees who are worried about their future and their pensions.

Delphi has agreed to pay three billion dollars to the Pension Benefit Guaranty Corp. to settle the pension insurer's claims against the company.

Delphi's former parent, Detroit-based General Motors would take over some of company's assets.