Lenders to Delphi didn’t spend four years in bankruptcy court just to see it all end in a government-driven deal effectively putting the parts supplier back in the hands of GM. To show their efforts have not been in vain, they are said to be readying a bid for Delphi assets that could challenge the proposed sale to deal with private equity firm Platinum Equity that was brokered by GM and Uncle Sam.

Two people familiar with the discussions say while the bid is being put together ahead of an auction today that could bring the long-defunct company back to corporate life, no terms have been reached.

A rejection of the Platinum deal would represent one of the first and only legal setbacks for the Obama administration’s autos task force in the $50-billion government-funded restructuring of GM in a fast-track bankruptcy, reports the Reuters autos team. With small business lender CIT still expected to file for bankruptcy today, the Delphi dilemma appears as yet another test of boundaries for the Treasury.