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Delphi To Pay $70M To Close Spanish Plant

Law360 (March 21, 2007, 12:00 AM EDT) -- Bankrupt Delphi Corp. will spend about $70 million in severance pay related to the closure of one of its facilities in southern Spain, a piece of the auto parts company’s plan to emerge from bankruptcy protection.

In a Tuesday filing with the U.S. Securities and Exchange Commission, Delphi said the closing of the chassis and steering products manufacturing plant in Cadiz, Spain was consistent with its decision to close or sell facilities that are producing non-core products, as well as its efforts to optimize its manufacturing...
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