10:45 a.m.: Delphi reaches GM deal
POSTED: September 25, 2008
NEW YORK -- Auto parts maker Delphi Corp reached a preliminary deal Thursday morning with former parent General Motors Corp. and its creditors committee to help it emerge from Chapter 11 bankruptcy protection, according to news service Reuters.
If the agreement is finalized in a bankruptcy court hearing today, the creditors would withdraw their objection to Delphis modified reorganization plan. GM would provide $10.6 billion to help Delphi leave bankruptcy. As part of the package, GM would assume $3.4 billion in obligations for hourly workers, including thousands of Delphi Packard Electric workers in the Warren area.
