Two weeks ago, I wrote here about Delphi’s heavily contested motion for entry of a proposed order “approving procedures to assume certain amended and restated sole source supplier agreements.” These agreements were alleged to be “critical” to Delphi’s on-going business operations.
It was a long day for Delphi and its counsel, to be sure, but they won, as reported in press reports here and here. Given that the union and senior lenders already supported the motion, and that the objections of the Unsecured Creditors’ Committee and Wilmington Trust Company (as indenture trustee) were resolved at the hearing, the victory obviously had far more to do with the consensus reached than the rhetorical flair of Delphi’s attorneys, as reported by the press.
You will find here a copy of the Court’s order, entered today, granting Delphi’s motion to approve preferential agreements with “critical” sole source suppliers.
© Steve Jakubowski 2005