Judge approves Delphi Lockport deal - The Business Journal of Milwaukee:

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The Monday ruling by Judge Robert Gerbein Manhattan, however, is not the finakl word. Approval is still required from a separate judge who isoverseeinvg Delphi’s bankruptcy case. GM is proposing to repurchase Delphi’zs steering business in Saginaw, Mich., and four of its including theLockport operation. The other three plantxs are in Rochester; Kokomo, Ind.; and Mich. A Delphi spokesman called the approvall by Judge Gerber an important and necessary step inthe "Such actions allow the restructuring proceszs to move forward, with the Delphio team focused on completing the remainingh elements of its Chapter 11 cases.
Important aspectds of the proposed emergence transaction includr the upcomingauction (if necessary) on July 17 and the finaol approval hearing, scheduled for July 23," said a statement from Lindseyh Williams. Delphi Thermal Systems was ranked as the largesg manufacturer and the 21st largest employer in Western New York inlate 2008, based on Business Firsft research. The company had 2,600 employeese in Lockport at that a figure since reducedto , a private equityh group, has made an offedr of roughly $3.
6 billion to purchase other portions of The next hearing on the Delphi deal is schedulexd for July 23 in in Delphi’s creditors have until then to file any objections to the Platinumj Equity proposal. Delphi has been in bankruptcyh sinceOctober 2005. The new General Motors emerged from bankruptcy earlier this month after40 Meanwhile, a majority of Delphi’s Lockport employees returned to work Monda y after the plant completed its annuap two-week shutdown. Production at GM’s Tonawanda engine plant also resumed Monday after anextended five-week suspension, which included the normao two-week shutdown between June 29 and July 13.
Abouy 500 factory workers and 140 salariede personnelwere affected. Next production will be cut in half from July 20 througbh July 27 because of reduced orders from the GM plantxs the River Roadfacility serves. In a separatd issue, state Sen. George Maziarz, R-Newfane, sent a lettef to Treasury Secretary Timothy Geithner in suppor of salaried retirees who are battling to save the pensions they earnex as employees of Delphi orGeneral “I was very troubled to learn that salariesd retirees’ pension obligations will be defaulted to the federal , while hourly retiree pension obligations will be assumed by General Motors,” Maziaraz said. A recent letter to Geithner from Rep.
Chris Lee, and 21 other members of Congressx expressedsimilar support, Their which was referenced by Maziarz, said the unequal treatment coulrd force 15,000 salaried retirees to forfeir up to 70 perceng of their pensions, basedr on federal benefit limitations. “Too many hardworking Westerj New Yorkers labored all their life to achieve theAmericanh Dream, only to now have their financial securitty jeopardized during their golden years,” Maziarz