Court Greenlights Delphi, GM Buyout Deal

Law360, New York (April 10, 2006, 12:00 AM EDT) -- With a crippling strike hanging in the balance, a federal judge has approved bankrupt auto parts supplier Delphi Corp.’s early retirement deal with General Motors Corp. and United Auto Workers, rejecting claims that the proposal gives GM too much power.

"I believe the terms of the attrition agreement are appropriate," said U.S. Bankruptcy Court Judge Robert Drain in Manhattan, whose approval was required for Delphi to participate in the plan.

The GM plan, brokered in March, provides early retirement incentives for more than 125,000 factory workers,...
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