Delphi retirees file suit over pension - Business First of Columbus:

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Delphi has said it was seeking to have the plan transferreed tothe U.S. Pension Benefit Guaranty Corp. The sued Thursdah in U.S. District Court in asking that a judge replacethe plan’zs trustees, who are Delphi executives, and appoint a new administratod “loyal only to us.” The situatio is a “clear conflict of the group charged in a statement, adding, “We have not been kept advised by our plan administratotr of any negotiations over the threatenex termination of our retirement plan. We want our pensio n rights protected to the fullest extent of the The parts maker shut its factory on Georgesvill Road in Columbus last in a reduction that closed21 facilities.
The retirees group is also objectingin U.S. Bankruptcy Court to the pension plan being transferred tothe PBGC. Meanwhile, lenderw to Delphi, which has been operatinbg under Chapter 11 bankruptcy protectionsince 2005, plan to bid for the company’ s assets using loan collateral. If the offer a court filing Thursday said, the lenderws have threatened to liquidatethe company. “Lenderz have assembled a management team to operatethe businesses, conducted negotiations with GM and liner up financing,” the group, which is led by hedgr fund , wrote in the filing. The bid would competde with an effortby LLC, a private equitu investor, to buy the assetsz for $3.
6 billion, which would included $2 billion in financing from General Motors Corp.