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Delphi Tries To Dump Retiree Health Benefits

Law360 (February 6, 2009, 12:00 AM EST) -- Auto parts maker Delphi Corp. has asked a bankruptcy court to let it eliminate health care benefits for about 15,000 salaried retirees, saying the cut would create a savings of more than $70 million a year.

In a motion filed Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, Delphi said that it could save about $200 million in the aggregate from 2009 through 2011 and eliminate more than $1.1 billion in balance sheet liability by eliminating the programs.

The auto parts...
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