November 16, 2007 02:32 am
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There are still some details that have yet to be released, but the news that Delphi Corp., General Motors and an investment group have agreed on a revised plan to emerge from bankruptcy is great for Western New York.
With Delphi and GM as major players in Western New York’s economy, we were happy when the initial agreement was announced, but now the word is that there will be $5.2 billion in financing to help make this possible.
The exit financing is actually lower than what was originally planned, but GM and Delphi are still optimistic this is a turning point for the struggling auto powerhouses.
“Today’s filings, which have been agreed upon by GM and all of our plan investors, are the cornerstones of a plan of reorganization that we believe can be achieved during this challenging capital markets environment,” John Sheehan, Delphi’s chief restructuring officer, said in a statement.
Sounds like good news to us. Delphi and GM have had their financial and union troubles respectively, but nothing is more important for the workers, retirees and general economy of Western New York than both entities emerging from this pact successfully.
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