Delphi gets until May 21 to reach GM, lenders deal Auto parts supplier Delphi Corp. has a few more weeks to work out a deal to sell its steering business to General Motors Corp., according to documents filed Wednesday in bankruptcy court in New York.
NEW YORK — Auto parts supplier Delphi Corp. has a few more weeks to work out a deal to sell its steering business to General Motors Corp., according to documents filed Wednesday in bankruptcy court in New York.
The sale was to be discussed at a Delphi court hearing May 7 but was adjourned to the company's May 21 hearing.
On April 29, the government's auto task force rejected a deal that would have allowed Delphi to sell the Saginaw, Mich.-based business to GM and let the struggling automaker increase its credit commitments to Delphi by $150 million. But the door was left open to a later agreement.
The steering operation employs about 7,730 people globally, including 3,080 in Saginaw. ----------- schaun mer mal |