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Delphi asks judge for extension on ruling for its labor contracts
Company lawyers say extension needed to allow more time for negotiations with union, creditors.
Saturday, November 18, 2006
NEW YORK — — Delphi Corp. asked a federal bankruptcy judge on Friday to postpone until as late as Jan. 31, 2007, any ruling on whether to allow the auto parts supplier to cancel its contracts with its labor unions.
That extension also would apply to Delphi's request for court permission to allow the company to get out of money-losing parts supply contracts it has with General Motors Corp., its biggest customer.
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Lawyers for Delphi told U.S. Bankruptcy Judge Robert D. Drain the extension is needed to allow more time for the ongoing negotiations with the unions, Delphi's creditors and GM, Delphi's former owner. The parties are making progress, Delphi spokesman Lindsey Williams said.
Without the extension, Drain was to have ruled by Nov. 30 on both issues.
Lawyers for Delphi, GM, the unions and other parties plan to go back before the judge on Nov. 30 to brief him on their progress.
Drain is supervising Delphi's bankruptcy reorganization. The company filed for court-supervised reorganization in October 2005, citing multimillion-dollar losses and saying that it was strapped by hourly labor costs that were higher than those of its competitors.
Delphi has said it hopes to emerge from reorganization in the first half of 2007, assuming that the judge approves its business plan. A preliminary plan that the company announced in March envisions closing or selling four of its five Dayton-area plants among 21 of 28 union-represented factories it would sell or close nationwide.
