The Wall Street Journal (2/25, McLaughlin) reports, "Delphi Corp., the largest parts supplier to General Motors Corp., won court approval to terminate health benefits for thousands of retired salaried employees after arguing the move is critical to keeping its slow-going bankruptcy reorganization afloat." The approval to end "the benefits to about 15,000 people allows the auto supplier, which has been operating under Chapter 11 protection since late 2005, to wipe out more than $1 billion in liabilities and $70 million in annual cash costs."
The AP (2/25) notes, however, that the bankruptcy judge who "tentatively approved Delphi Corp.'s request to stop paying for its salaried retirees' health and life insurance...left the door open for some former employees to be excluded from the move."
From SME Daily Executive Briefing
The AP (2/25) notes, however, that the bankruptcy judge who "tentatively approved Delphi Corp.'s request to stop paying for its salaried retirees' health and life insurance...left the door open for some former employees to be excluded from the move."
From SME Daily Executive Briefing