Delphi says no agreement yet with Treasury and GM over fate of bankruptcy, remains in talks

Delphi in talks with GM, Treasury over bankruptcy

NEW YORK — Auto parts supplier Delphi Corp. says it hasn’t reached an agreement yet with the Treasury Department and its former owner General Motors Corp. over the fate of its bankruptcy process and will default on its loans if it fails to by Monday.

Delphi says it remains in talks with Treasury and GM about the bankruptcy loans. It says it is seeking an extension and waiver of the Monday deadline.

Delphi has been in Chapter 11 bankruptcy since 2005 and has been supported by loans from GM since then. GM relies on the parts maker for components in virtually all of its vehicles.

GM faces its own deadline to restructure on Monday. The Detroit automaker is expected to file for Chapter 11 bankruptcy protection that day.