After four years, auto parts maker Delphi Corp. has emerged from bankruptcy court protection with two hedge fund firms at its helm.

The new entity, Delphi Holdings, said in a statement that it had completed the acquisition of substantially all of the business of Delphi Corp. Rodney O’Neal will remain as president and chief executive officer, the company said.

Hedge fund firms Elliott Management and Silver Point Capital led the acquisition after they won out in a bidding war with private equity company Platinum Equity. Elliott and Silver Point, as senior lenders to Delphi, forgave more than $3.4 billion in debt to win the deal.

Elliott and Silver Point said in the statement they believed the company would emerge from bankruptcy with a “solid financial foundation” for its growth.

Delphi also cut a deal with General Motors Co. for the auto giant to take on some of its manufacturing facilities and advance it billions in loans.