Bankrupt Delphi has won interim court approval of a two-week extension of the deadline for it to reach a funding agreement with General Motors, Reuters reported, citing court documents.
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A hearing will be held on 21 May for final approval of the GM agreement, which increases the amount of funding available to Delphi to US$450m.
In addition, the court order extended to 2 June the use of bankruptcy financing before Delphi must reach a new agreement with its lenders. The previous deadline was set to expire on Saturday, Reuters noted.
Delphi filed for bankruptcy in 2005 but its reorganisation has been complicated by a collapse of auto sales that threatens to push GM into bankruptcy as well.
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