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.

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