Court Gives Delphi Until February to File Reorganization

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bankruptcy judge has given Delphi Corp. an extra six months — through Feb. 1 — to file a reorganization plan, keeping the company in line to bankruptcy court protection next year, Bloomberg reported.

Delphi, General Motors Corp.’s biggest parts maker, filed for bankruptcy protection last October. (Click here for previous coverage.)

Meanwhile, the company will expand its buyouts of union workers after reaching an agreement with its second-largest union and getting former parent GM to help pay for it, Bloomberg reported.

About 8,000 members of the International Union of Electrical Workers-Communication Workers of America are eligible for buyouts ranging from $35,000 to $140,000, Delphi said in a statement.

The plan, which includes incentives for early retirements, is subject to bankruptcy court approval.