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Published: Tuesday, 5/2/2006

GM, Delphi extend time for buyout acceptance

DETROIT - General Motors Corp. and bankrupt auto-parts supplier Delphi Corp. said yesterday they have extended a deadline for blue-collar workers to accept offers for buyouts and early retirements, as Delphi reported it could not reach a deal with GM to extend parts pricing relief.

The extension of the buyout deadline, to June 23, affects about 113,000 workers at GM and 15,000 at Delphi, a former GM subsidiary and its biggest supplier.

On the parts prices, GM agreed last November to put off contractually agreed to reductions for Delphi parts through the first quarter to aid Delphi while it negotiated wage and benefit cuts with unions that represent most of its U.S. hourly workers.

Delphi said in a federal regulatory filing that sales would begin to reflect price reductions as of April 1.

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