Delphi Corporation on Monday said it would accelerate its discussions with General Motors regarding its restructuring efforts.
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In a statement, Delphi also said that GM has agreed to temporarily forego previously agreed-to 2006 price reductions on components, to provide interim financial support.
Delphi also said it was continuing to work to achieve consensual agreements with the unions that represent its employees, and that it will now suspend its previously threat to petition on 16 December 2005 for rejection of its collective bargaining agreements and modification of retiree health care benefits under the US Bankruptcy Code, at least until 20 January, 2006.
Delphi chairman and CEO Robert Miller said in the statement: “These constructive actions demonstrate a willingness to accelerate efforts to achieve consensual resolutions to the significant challenges facing Delphi.”
Delphi stressed it would make no further comments regarding GM’s role in the potential outcome or resolution of the issues.
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