Delphi Can Dump Retiree Benefits: Court

Law360, New York (March 12, 2009, 12:00 AM EDT) -- The court overseeing Delphi Corp.'s Chapter 11 case has authorized the struggling auto parts maker to eliminate health care benefits for about 15,000 salaried retirees, saving the debtor approximately $70 million a year.

On Wednesday, Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York issued a final order allowing Delphi to cut health and life insurance subsidies for its salaried retirees and their surviving spouses.

By mid-April, Delphi will eliminate post-retirement health care benefits for all current and future...
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