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Business Briefing / Automobiles

U.S. takes over Delphi pensions

July 23, 2009|Times Wire Reports

Delphi Corp., the auto parts maker in bankruptcy since 2005, will have a government agency take over its pension plans because former parent General Motors Co. is no longer able to assume them.

Pension Benefit Guaranty Corp. agreed to take responsibility for funds covering 70,000 Delphi workers and retirees.

The transfer, subject to court approval, would reduce the financial burden on GM as Troy, Mich.-based Delphi tries to exit court protection.

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