Delphi Agrees To Pay Pension Plan $1.3B

Law360, New York (May 7, 2007, 12:00 AM EDT) -- Delphi Corp. has reached a tentative deal with the Pension Benefit Guaranty Corp. that will see the embattled auto parts maker shelling out $1.3 billion in cash payments to its own pension plan and transferring $1.5 billion in unfunded liabilities to a pension plan sponsored by its former parent, General Motors Corp.

The company said in a filing with the U.S. Securities and Exchange Commission on Monday that it has been in discussions with the PBGC and the Internal Revenue Service regarding the funding of its...
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