Delphi investor likely to drop out

Delphi Corp., the biggest U.S. auto parts maker, said its exit from bankruptcy protection would be delayed because Cerberus Capital Management was likely to drop out of a plan to invest $3.4 billion for control of the company.

Delphi, which had intended to emerge from court protection by midyear, said it expected to file a reorganization plan by July 31 and leave bankruptcy later this year. The delay may put more pressure on Delphi’s former parent, General Motors Corp., to offer additional financial aid.