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Delphi must reach GM resolution by April 17

Posted Monday, Apr 6, 2009, 1:50 pm in Employee Industry News

Delphi Corp. faces a new April 17 government deadline to resolve its outstanding issues with its former parent company, General Motors Corp., according to The Detroit News.

The Troy, Mich.-based auto supplier disclosed in a regulatory filing late Friday that it is required to complete a detailed term sheet that’s been approved by the U.S. Treasury and GM in two weeks, the News said. If Delphi fails to meet the deadline, it would be forced to repay its loans by April 25, the paper said.

According to The News, GM has allocated $11 billion toward Delphi’s emergence from bankruptcy and spent years negotiating a resolution of all outstanding issues with its former parts unit that it spun off in 1999. GM, Delphi and members of the Obama administration’s auto task force are scheduled to meet today at the Treasury Department in Washington, the story said. (The Detroit News)
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