UPDATE 1-GM trounces estimates, shares surge

(Reuters) - GM, whose shares rose 6.7 percent in early electronic
trading, said it posted a net profit of $891 million, or $1.56
a share, compared with a net loss of $3.4 billion, or $5.98 a
share a year earlier.




Excluding such one-time items as charges related to
Delphi's bankruptcy, the company said it earned $2.48 a share.


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UAW members back Delphi deal in early returns

(Reuters) - The UAW leadership is expected to release results on Friday of the vote at numerous local units on a deal that includes pay and benefit cuts and eventual plant closings Delphi has said it must have to exit bankruptcy.




The deal would remove a major barrier to Delphi's reorganization and the threat of a strike that could cripple the company and former parent General Motors Corp. , Delphi's biggest customer.


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Highland, Pardus exploring Delphi investment

(Reuters) - Delphi, based in Troy, Michigan, previously rebuffed
Highland when the hedge fund proposed an alternative to the
$3.4 billion equity plan Delphi had developed with Cerberus
Capital Management LP, Appaloosa Management LP and others last
year.




It was not clear whether a proposal developed by Pardus
would involve or rival the $3.4 billion equity plan.


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Highland seeks investment meeting with Delphi

(Reuters) - Delphi rejected a previous Highland investment proposal to support its emergence from bankruptcy, and the U.S. Bankruptcy Court approved its decision to pursue the current deal.

The current deal remains contingent on Delphi reaching agreements with its unions and former parent General Motors Corp.


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