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 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.
"This would be what I'd call a bringing it all together," Delphi CEO and President Rodney O'Neal said Thursday. "It signals the announcement that Delphi believes it has all of its moving parts nailed down and we have a plan that we believe will pass the test and will be confirmed by the court and various stakeholders."