Delphi, Creditors Extend Talks For Two Weeks

Law360, New York (March 1, 2007, 12:00 AM EST) -- Delphi and a group of its major creditors have decided not to abandon the company’s $3.4 billion restructuring plan, despite missing a deadline for reaching agreements with both major unions and General Motors Corp.

The company had until Feb. 28 to work out a deal with GM and the unions, an extension from the original January deadline. After bypassing the first deadline, Delphi and its creditors had the right to walk away from the deal, although all parties decided to continue negotiating.

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