Financial Times FT.com

Delphi defers $488m executive bonus plan

By James Mackintosh in London

Published: November 23 2005 13:12 | Last updated: November 23 2005 13:12

Delphi deferred an attempt to introduce a $488m bonus plan for top executives of the bankrupt car parts maker on Wednesday as the storm of criticism of the scheme spread from unions to shareholders, bondholders and the federal pension protection agency.

Delphi delayed hearings on the plan, which needs the approval of the New York bankruptcy court, to early January, and said it would use the extra time to talk to critics. The case had been due in court next Tuesday.

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