Creditors Support Delphi’s Bid To Void GM Contracts

Law360, New York (June 16, 2006, 12:00 AM EDT) -- Delphi Corp. received a boost from its creditors committee Thursday, when it came out in support of the bankrupt auto parts maker’s plan to renegotiate up to $5 billion in contracts with its biggest customer, General Motors Corp.

In papers filed with the U.S. Bankruptcy Court in Manhattan, the creditors also supported Delphi’s bid for new contracts with its labor unions. The company says both measures are necessary for its bankruptcy reorganization, which it hopes to complete by the first half of 2007.

“[Delphi’s] current level...
To view the full article, register now.