Tuesday, August 08, 2006

GM-Delphi Update

Delphi says GM files multibillion-dollar claim
Tue Aug 8, 2006 11:31 AM ET

CHICAGO, Aug 8 (Reuters) - Bankrupt auto parts maker Delphi Corp. has received a multibillion-dollar claim from former parent General Motors Corp. in its reorganization case, the parts maker said in court documents.
GM, which spun Delphi off in 1999, filed a 40-page proof of claim against various Delphi debtor units on July 31, the deadline for filing unsecured claims in the case, Delphi said in a filing on Friday with U.S. Bankruptcy Court for the Southern District of New York.
Delphi in October filed the biggest bankruptcy in U.S. automotive history and later outlined plans to fire thousands of hourly and salaried employees and close 21 of 29 union plants in the United States to reorganize its operations.
Delphi disclosed the GM claims in a court filing objecting to a request by the unsecured creditors committee seeking authority to pursue claims against GM on behalf of Delphi. The filing did not give details of the GM claims...read more: here