Delphi and GM reach comprehensive settlement

DETROIT (AP) — Delphi Corp. announced Thursday it has signed comprehensive settlement and restructuring agreements with former parent General Motors Corp. — a major milestone in its nearly two-year quest to emerge from bankruptcy protection.

The Troy-based auto parts supplier said it would file its reorganization plan with a federal bankruptcy judge in New York later Thursday. The plan requires the court’s approval.

Delphi’s agreement with GM resolves all outstanding issues between the automaker and supplier, including a lawsuit filed by Delphi to terminate supply agreements with GM and potential claims and disputes stemming from Delphi’s spinoff.

For more, see Friday’s Vindicator and Vindy.com