US Bankruptcy Judge Robert Drain told Delphi to slash executive cash bonuses by more than 80%, according to the Wall Street Journal. They will be reduced to a total of $16.5 million from a proposed $87.9 million, which the company had intended to distribute to more than 500 managers upon emergence. The judge let stand the part of the company’s compensation proposal that gives more than 500 managers stock totalling 8% in the reorganised Delphi.

• Delphi stopped production last summer at a factory in Anderson, but still employs several thousand people in Kokomo. That plant was one of eight factories Delphi plans to continue to own and operate in the US, down from 29 plants pre-Chapter 11.

• The exit plan stands on several key planks: a commitment by equity investors to inject up to $2.55 billion, a deal with former parent GM over legacy labour obligations and agreements with labour unions that led to a massive reduction in the size of the unionised work force. Still missing is $4.5 billion of a total exit-financing package worth roughly $6 billion in loans that Delphi needs before it can emerge. The reorganisation plan was approved last week by 81% of about 4,000 eligible creditors who voted. One class of creditors rejected it.