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March 6, 2021
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DELPHI BANKRUPTCY
(2008-01-23)
(wgvu) - A FEDERAL JUDGE IN NEW YORK SAYS HE'LL APPROVE
DELPHI'S BANKRUPTCY EXIT PLAN ONCE THE AUTO SUPPLIER SHARPLY
REDUCES THE CASH BONUSES TO TOP EXECUTIVES.
THE JUDGE TOLD DELPHI TO SLASH THE BONUSES TO A TOTAL OF 16.5
MILLION DOLLARS FROM A PROPOSED 87.9 MILLION DOLLARS.
THE COMPANY'S PLAN SHIFTS MOST PRODUCTION TO CHEAPER OVERSEAS
PLANTS AND ELIMINATES TENS OF THOUSANDS OF UNION JOBS IN THE U.S.
TROY, MICHIGAN-BASED DELPHI SAYS IT HOPES TO EMERGE FROM COURT
PROTECTION BEFORE THE END OF MARCH BUT MUST FIRST SECURE EXIT
FINANCING IN A TOUGH CREDIT MARKET.
GENERAL MOTORS SPUN OFF ITS PARTS DIVISION AS DELPHI IN 1999.

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