U.S. Bankruptcy Judge Robert Drain agreed yesterday to extend Delphi's deadline to submit its reorginization plan from August 5th to February 1st of next year. Judge Drain apparently sees the embattled company as making significant progress with buyouts and the early retirement of thousands of Union employees and will give it more time as long as he sees it travelling down the right path to solvency.
Delphi got some more good news this week as it got past the first of three rounds of approval from the Department of Energy for a fuel cell that could be commercially available by 2011. Part of Delphi's recovery seems to be getting out of the high volume, low profit biz of producing window cranks and other such low ticket items and into the area of high tech components that in the near future will be in high demand.

[Source: Detroit Free Press]               

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