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Report says Delphi must act fast on GM deal

Posted Friday, Apr 17, 2009, 1:06 pm in Employee News

Delphi Corp. has a short window in which to redefine its relationship with former parent General Motors Corp., according to a story in today’s Detroit Free Press.

In one week, if Delphi, GM and the U.S. Treasury don’t reach a deal about how much support GM will contribute to the resolution of Delphi’s more than three-year Chapter 11 case, Delphi’s lenders could call back the company’s bankruptcy loans, the Free Press said. That could force Delphi to liquidate, the paper reported.

The deadline for the agreement is today, but there is a five-day grace period for a deal, before the lenders can take action, according to the story. Talks are continuing, said Delphi spokesman Lindsey Williams told the paper. (Detroit Free Press)
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