Business in brief

NATION

Judge delays Delphi deal

NEW YORK — A bankruptcy court judge on Tuesday delayed approval of a deal that would allow auto parts supplier Delphi Corp. to sell its steering business to General Motors Corp. in order to give Treasury Department officials more time for review. At Delphi’s request, U.S. Bankruptcy Judge Robert Drain delayed until April 2 approval of the company’s motion to allow it to exercise its option agreement on the sale of the business to GM. A hearing on final court approval of the sale is still scheduled for April 24. Delphi Attorney Jack Butler said Treasury officials indicated Monday night they would have objected to the sale if it had gone forward, but have agreed to reconsider their position and are looking for more information about “Delphi’s cash flow needs.”

Ford CEO’s salary down

DEARBORN, Mich. — Ford Motor Co. President and CEO Alan Mulally received compensation valued at $17.7 million in 2008, down more than 22 percent from the prior year, as the automaker struggles amid the worst U.S. auto sales slump in 27 years, according to a federal regulatory filing published Tuesday. The majority of his package came in stock options and awards valued at $14.6 million. Those options are underwater, as the value of company stock has dropped over the last year from the exercise price of $6.14 per share. The stock lost 10 cents, or 3.5 percent, in trading Tuesday to close at $2.80.

Associated Press