Delphi Shareholders Seek Financial Advisor

Law360, New York (August 1, 2006, 12:00 AM EDT) -- Shareholders of bankrupt Delphi Corp. want to hire a financial advisor for $175,000 a month to assist with labor matters, the divesture of property and the evaluation of the company’s relationship with its biggest customer, General Motors Corp.

The shareholders committee asked a judge for permission in a filing Monday, saying a financial advisor’s expertise was “necessary to effectively fulfill its fiduciary duties.”

The committee said the company’s debtors, U.S. Trustee and creditors committee did not object to the hiring. It also said they have already...
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