Saturday, Apr 21, 2018
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Delphi wins approval to extend exec bonuses

NEW YORK Bankrupt auto-parts maker Delphi Corp. won court permission over union objections yesterday to extend an executive bonus program.

U.S. Bankruptcy Judge Robert Drain approved the extension. In February, he approved paying as much as $38 million to 467 executives to keep them at Delphi.

Delphi is negotiating labor contracts with all its unions with the intent of cutting pay and benefits as part of its plan to emerge from bankruptcy. Unions said the company shouldn t pay executives bonuses while cutting workers pay.

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