BusinessCompany NewsDelphi deal paves way for end to bankruptcy

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.

Further reading:

General Motors asks for more time on annual report

GM delays fourth quarter results

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