NEW YORK (AP) -- A bankruptcy judge has approved Delphi Corp.'s proposal to freeze its pension plans as part of the auto supplier's blueprint to eventually emerge from bankruptcy protection.
At a hearing in New York Tuesday, U.S. Bankruptcy Judge Robert Drain approved the company's motion to freeze the plans for salaried and hourly workers and replace them with new ones. However, changing the hourly workers' pensions still requires union approval.
An earlier deal with Delphi's unions allowed the company to freeze the pensions but not until the Troy, Mich.-based company emerged from bankruptcy.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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