Bankrupt auto parts company Delphi Corp. said on Nov. 28 it secured an agreement for "interim financial support" from its former parent General Motors, which agreed to delay previously agreed price cuts.
At the same time, the embattled parts company said it had withdrawn a proposal in bankruptcy court to void collective bargaining agreements and retiree health care plans.
Unions at Delphi had threatened to strike over the proposal, a move which could have a major impact on Delphi as well as GM.
"These constructive actions demonstrate a willingness to accelerate efforts to achieve consensual resolutions to the significant challenges facing Delphi," Delphi chairman and CEO Robert Miller said.
Copyright Agence France-Presse, 2005
