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Judge OKs Delphi plan
Business First
A bankruptcy judge in New York City has approved Delphi Corp.'s proposal to freeze its pension plans as part of the auto supplier's blueprint to emerge from bankruptcy protection, news media have reported.
The Sept. 23 action affects the plans for salaried and hourly workers and replaces them with new plans. Changing the hourly workers' pensions requires union approval.
An earlier deal with Delphi's unions allowed the company to freeze the pensions, but not until the Troy, Mich.-based company emerges from bankruptcy, which could happen by 2009.
Delphi's Lockport operation, Delphi Thermal Systems, is the largest manufacturer in Western New York.


