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Delphi permitted to freeze pensions

September 24, 2008|From Times Wire Services

A bankruptcy judge approved Delphi Corp.'s proposal to freeze its pension plans as part of the auto supplier's blueprint to cut its costs and eventually emerge from bankruptcy protection.

Delphi also had been scheduled to seek approval for a deal with former parent General Motors Corp. that would boost GM's financial support of Delphi to $10.6 billion from $6 billion under terms of an earlier plan. But U.S. Bankruptcy Judge Robert Drain adjourned the hearing until Thursday to allow attorneys for Delphi and its creditors time to settle objections to the motion.

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