Bankruptcy Court Approves Amendment to Delphi/GM Arrangement - aftermarketNews

Bankruptcy Court Approves Amendment to Delphi/GM Arrangement

Pre-payments from GM will move up by one quarter.

The bankruptcy court handling Delphi’s Chapter 11 case has approved an amendment to the Troy, Mich.-based supplier’s arrangement with General Motors, moving up GM’s prepayment agreement by a quarter.

According to a report from BankruptcyData.com, approval of Delphi’s motion seeking amendment to the agreement accelerates from the second quarter to the first quarter of 2009 GM’s prepayment of up to $100 million of the $300 million in 12 pull-forward payments covered by the agreement.

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