Negotiators in New York said they expect an agreement soon that would bring auto parts supplier Delphi Corp. out of bankruptcy protection.

Under terms of the tentative agreement, David A. Tepper, head of Appaloosa Management, a $4.5 billion hedge fund, would infuse billions of dollars into Delphi and control up to a third of the company's stock when it emerges from bankruptcy, The Wall Street Journal said Saturday. Appaloosa Management now owns 9.3 percent of Delphi's stock.

Delphi, which produced auto-related items such as air-bag triggers and satellite radios, filed for Chapter 11 bankruptcy protection Oct. 8, 2005, and its emergence is being closely watch by the auto industry, the Journal said.

Delphi wants to close plants, reduce its workforce, and cut wages and benefits.

As of June 30, Delphi employed 177,000 people worldwide, and reported $26.9 billion of revenue last year.