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| Delphi commited to agreement with GM, unions |
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NEW YORK - Bankrupt auto parts maker Delphi Corp. said on Monday it is committed to reaching an agreement with its labor unions and its former parent company General Motors Corp. and said it would delay filing motions to reject current labor agreements.
Delphi said it does not intend to comment further on its discussions with the unions or GM, while it tries to complete its transformation plan.
The company also said it would defer filing a motion with bankruptcy court to reject labor contracts and retiree health care agreements. It tentatively set Jan. 20 as an informal deadline for reaching wage and benefit concession deals with its unions. It said it would defer the filing of Section 1113/1114 motions until at least Feb. 17.
In order to help reach a deal, Delphi also said it is withdrawing its Nov. 15 proposal to unions, but said it may have to return to the proposal depending on the outcome of discussions. It said the decision was based on GM's "recent engagement" with the United Auto Workers union.
Delphi in October filed the biggest bankruptcy in U.S. automotive history. Chief Executive Steve Miller has said the company must cut wages, benefits and jobs for hourly workers to reorganize its money-losing U.S. operations. Its international operations were not included in the bankruptcy.
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Source : Reuters
(12/20/2005)
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| Kia delivers Soul |
| Delphi Focuses Efforts On Reaching Consensual Agreement |
| Some New Yorkers to see auto insurance premium reduction |
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