Delphi Wins Plan Approval After Bonus Cut

Law360, New York (January 28, 2008, 12:00 AM EST) -- Delphi Corp.'s amended reorganization plan has been affirmed, after the bankrupt auto parts supplier slashed the executive bonuses called for in its original plan by $70.5 million.

U.S. Bankruptcy Judge Robert D. Drain signed off an order Friday confirming Delphi's first amended joint plan of reorganization. Last week, Judge Drain said that he would confirm the plan if Delphi cut down the proposed executive emergence bonuses from about $87 million to $16.5 million.

Judge Drain's order was filed along with an exhibit, which detailed the modifications...
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