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March 5, 2021
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Judge gives conditional approval for Delphi to exit bankruptcy
(2008-01-22)
(wgvu) - NEW YORK (AP) - A judge says he would approve Delphi's
bankruptcy exit plan once the auto supplier reduces the total
payout of cash bonuses to top executives.
The company's plan is a reorganization blueprint that largely
shifts its manufacturing to cheaper overseas plants and eliminates
tens of thousands of union jobs in the U.S.
Troy, Mich.-based Delphi hopes to emerge from court protection
before the end of March but must first secure exit financing in a
tough credit market.
An executive says it expected to get a commitment for $4.5
billion in financing by January 23rd.
Delphi supplies General Motors, Ford, Volkswagen, Hyundai and
other automakers.
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