Delphi deal paves way for end to bankruptcy
Agreements reached with former parent, GM
Delphi, the US car
parts manufacturer, may soon emerge from a two year stint under
Chapter 11 bankruptcy
protection after reaching agreements with its former parent company, General
Motors (GM).
The deal follows agreements that Delphi pay GM $2,7bn (£1.3bn) to fund early
retirement and buyout plans offered to hourly workers.
In turn, GM has agreed to reimburse Delphi for labour costs over $26 an hour
at some of its plants.
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