Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers D > Headlines for Delphi Corp. > News item |
Delphi agrees to withdraw Furukawa default judgment motion
By Caroline Salls
Pittsburgh, Jan. 24 - Delphi Corp. has agreed to withdraw its motion for a default judgment against Furukawa Electric North America APD and Furukawa Electric Co., Ltd., according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.
In exchange, Furukawa has agreed to withdraw its motion for dismissal of Delphi's relief claim.
A hearing on the default judgment motion was scheduled for Friday.
As previously reported, in July 2006, Furukawa, a manufacturer of electric wire and cables, filed a $2.59 million claim against Delphi subsidiary DAS LLC for breach of contract. In March 2007, Delphi countered that it was Furukawa, not the debtors, who breached the contract and therefore Delphi should be rewarded a $25 million recovery.
On Sept. 26, Delphi served a demand for affirmative relief in connection with the counterclaim.
However, Furukawa has failed to respond. As a result, Delphi is seeking a default judgment against the company for $25 million plus interest.
Delphi, a Troy, Mich.-based automotive electronics manufacturer, filed for bankruptcy on Oct. 8, 2005. Its Chapter 11 case number is 05-44481.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.