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March 9, 2021
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DELPHI BANKRUPTCY
(2007-01-25)
(wgvu) - A DELPHI SPOKESMAN SAYS TALKS BETWEEN THE AUTO
PARTS SUPPLIER AND ITS UNIONS COULD GO BEYOND THEIR
END-OF-THE-MONTH DEADLINE AS LONG AS PROGRESS IS BEING MADE.
THE DISCUSSIONS ARE KEY TO A CRITICALLY NEEDED CAPITAL
INJECTION.
THREE PRIVATE EQUITY INVESTORS ALONG WITH MERRILL LYNCH AND
U-B-S SECURITIES HAVE AGREED TO INVEST AT LEAST $1.4 BILLION DOLLARS IN A RESTRUCTURED DELPHI.
BUT THE DEAL HINGES ON DELPHI REACHING A WAGE-AND-BENEFIT
REDUCTION AGREEMENT WITH ITS UNIONS -- SOMETHING IT HAS BEEN UNABLE
TO DO AFTER A YEAR OF TALKS.
THE AGREEMENT COULD BE TERMINATED IF DELPHI FAILS TO REACH A
CONSENSUS WITH ITS UNIONS AND A PARTS SUPPLY PACT WITH GENERAL
MOTORS.
THE DEADLINE IS JANUARY 31ST.
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