Tentative Deal Could Mean GM Takeover of Delphi ROCHESTER, NY (WXXI) - The leader of the United Auto Workers Local 1097 says he expects more details tomorrow, but it appears General Motors would take back Delphi Corp.'s two Rochester area facilities as part of a tentative agreement between the automaker and the union.

Dan Maloney, President of the Rochester UAW chapter, says he has not been given any official word regarding the tentative deal, which the Associated Press reports would also give the union 17.5% of GM's common stock as well as preferred shares and funding for a trust to take over retiree health care costs.

While analysts say it is unlikely GM's unsecured bondholders would approve the offer, Maloney says the union membership would. He says it would be a positive move for Delphi, which has been in bankruptcy for more than three years. Even though being owned by GM would also be problematic, it offers "hope...a light at the end of the tunnel" according to Maloney.

He says it is clear Delphi cannot emerge from bankruptcy on its own.
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