GM to pay big bucks to support Delphi

GM to pay big bucks to support Delphi

Delphi has now revealed that their former owners GM have now increased its support to $10.6 billion.

This amount is up from $6 billion which GM had earlier stated to help Delphi come out of bankruptcy.

This plan would require the approval of the U.S. Bankruptcy Court in New York.

Delphi said that the new plan would see GM assuming $3.4 billion in pension liabilities for Delphi’s hourly factory workers.

Incidentally, GM itself is struggling in the US market with falling sales as auto customers are now more likely to go for Japanese cars which are more efficient and environment friendly.