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March 9, 2021
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DELPHI-BANKRUPTCY
(2007-06-19)
(wgvu) - - DELPHI SAYS IT NEEDS FIVE MORE MONTHS
TO WORK OUT A BANKRUPTCY REORGANIZATION PLAN AMID A BIDDING WAR FOR
THE COMPANY BY TWO RIVAL GROUPS OF HEDGE FUNDS.
TROY, MICHIGAN-BASED DELPHI IS A FORMER UNIT OF GENERAL MOTORS
AND REMAINS THE AUTOMAKER'S LARGEST PARTS SUPPLIER.
DELPHI TOLD A FEDERAL BANKRUPTCY JUDGE IN NEW YORK THAT IT NEEDS
UNTIL DECEMBER 31ST TO DEVELOP ITS CHAPTER ELEVEN PLAN.
ITS CURRENT DEADLINE IS JULY 31ST.
DELPHI SAYS IT NEEDS MORE TIME FOR TALKS WITH UNIONS, G-M, AND
THE HEDGE-FUND GROUPS.
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