Delphi ends Cerberus deal; sees new plan in July

(Reuters) - Delphi terminated the $3.4 billion equity investment plan on Saturday. Cerberus, which is buying Chrysler Group from DaimlerChrysler AG , was a co-lead investor in the plan with Appaloosa, Delphi's biggest shareholder.




The developments are not expected to prevent Delphi from exiting bankruptcy this year and Delphi's board is scheduled to meet July 16 to consider the matters, it said.


Read more at Reuters.com Business News

UPDATE 1-UAW members approve concessionary deal with Delphi

(Reuters) - CHICAGO, June 29 - United Auto Workers members
have approved a deal that gives Delphi Corp.
concessions on wages, benefits and plant closings that the auto
parts maker has said it must have to exit bankruptcy.




About 68 percent of UAW members who voted approved the
agreement, the UAW said in a terse statement that did not
identify Delphi by name.


Read more at Reuters.com Bonds News

GM, Delphi deal with UAW expected Friday: source

(Reuters) - The person involved in the negotiations attended that meeting and said an announcement would come Friday.




A tentative deal between GM, Delphi and the UAW would clear a major hurdle for the parts supplier to emerge from bankruptcy and remove a major operational risk for GM.


Read more at Reuters.com Business News

Delphi control may see fight among top stockholders

(Reuters) - How best to divide Delphi's value among bondholders,
creditors and stockholders will become the main issue once the
parts maker reaches crucial labor contracts with unions for its
U.S. hourly workers and commercial deals with General Motors
Corp. , its biggest customer and former parent.




That could pit New Jersey-based Appaloosa Management LP, a
major Delphi shareholder with about 9.3 percent, against
Texas-based Highland Capital Management, which holds 7.8
percent, according to recent filings.


Read more at Reuters.com Bonds News

UAW says Delphi negotiations continue

(Reuters) - "We're continuing to try to work through the problems," he
said.




Gettelfinger also criticized Delphi management for what he
called "obscene" executive payouts and said he was "not aware"
of any timetable for reaching a deal.


Read more at Reuters.com Bonds News