Bankrupt U.S. auto parts maker
Delphi Corp (DPHIQ.PK) won interim court approval of a two-week
extension of the deadline for it to reach a funding agreement
with General Motors Corp (GM.N), according to court documents.
A hearing will be held on May 21 for final approval of the
GM agreement, which increases the amount of funding available
to Delphi to $450 million.
In addition, the court order extended to June 2 the use of
bankruptcy financing before Delphi must reach a new agreement
with its lenders. The previous deadline was set to expire on
Delphi filed for bankruptcy in 2005, and its reorganization
has been complicated by a collapse of auto sales that threatens
to push GM into bankruptcy as well. GM has taken $15.4 billion
of emergency loans from the government, which has set a June 1
deadline for the automaker to reach agreements to overhaul