Delphi Corp. announced on Wednesday what it called “a critical milestone” in its restructuring, saying it has reached agreement with the United Auto Workers union and former parent General Motors Corp. on an early retirement plan for its workers.

Terms of the deal, which the U.S. Bankruptcy Court for the Southern District of New York must approve, would make about 13,000 hourly employees of Troy, Mich.-based Delphi eligible for an offer of $35,000 to retire.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]