Delphi signs GM deal, restructuring plan

Fri., Sept. 7, 2007

Associated Press The Spokesman-Review

DETROIT — Delphi Corp. announced Thursday it has signed settlement and restructuring agreements with former parent General Motors Corp., clearing a major obstacle to its emergence from bankruptcy protection.

The Troy-based auto parts supplier filed its reorganization plan with a federal bankruptcy court in New York on Thursday in its quest to end nearly two years under Chapter 11. The plan requires the court’s approval, and the company plans to leave bankruptcy protection by the end of the year.

Delphi’s agreement with GM resolves all outstanding issues between the automaker and supplier, including a lawsuit filed by Delphi to terminate supply agreements with GM and potential claims and disputes stemming from Delphi’s spinoff as a separate company in 1999.

The agreement with GM follows pacts reached with all six of Delphi’s labor unions as well as a finalized deal for investors to invest as much as $2.55 billion.

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are tax deductible.

Meet Our Journalists

Jesse Tinsley

Meet Jesse Tinsley. As a certified drone pilot, this veteran Spokesman-Review photographer often can be seen capturing beautiful aerial photographs of our region. Sometimes though, the job requires getting down with the dogs.
Jim Meehan

Jim Meehan is no stranger to Zag Nation. As the lead writer covering the Gonzaga men’s basketball team, he tells the stories behind the game and gets fans a bit closer to their favorite players.
Molly Quinn

There is no artist in Spokane like Molly Quinn. Her whimsical style is instantly recognizable to readers of The Spokesman-Review. She has painted gorgeous illustrations that instantly elevate the journalism accompanying it. She brings to life the stories that defy photography. She makes our pages better.
Rob Curley

Spokesman-Review editor Rob Curley loves to talk with people and learn about their lives, whether it's a best-selling author or a stranger he meets downtown on his walk to lunch. It's that inquisitive nature combined with a playful sense of storytelling that helps make our newspaper different than most.

Delphi signs GM deal, restructuring plan

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

New drive-thrus, service stations banned along some major Spokane arterials, paving way for bus-centric development

Delta rolls out new business class suites in premium push

Grocery Outlet store coming to Deer Park