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Delphi Buys Time For GM Deal In Race To Reorganize

Law360 (April 23, 2009, 12:00 AM EDT) -- A judge has granted motions allowing bankrupt Delphi Corp. an extra three weeks to file its reorganization plan and dissolve an equity shareholder committee, as the auto parts maker attempts to hammer out a contentious deal with General Motors Corp. and a U.S. auto task force to ensure a $450 million credit commitment to stay afloat.

Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York on Thursday authorized Delphi’s supplement to the second amendment to its accommodation agreement with...
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