The thousands of workers around the globe employed by the US car parts giant Delphi Corp must hold their breath a little longer.
The bankruptcy judge in charge of the negotiations between Delphi, their lenders, General Motors and the US Treasury has granted a third deadline extension.
The company now has until 21 May to reach a deal with GM, while its lenders must now hold off until 2 June.
The various parties are attempting to reach an agreement over Delphi’s ongoing bankruptcy, which began in 2005.
Without the latest extension, Delphi’s lenders would have been able to recall their loans on 9 May, a move that would have forced the company into liquidation.
Regardless of any deal that is reached during the extended negotiations, many of the Delphi workers are likely to find themselves confronted with the same situation which faced the workers at Visteon when they decided to occupy their plants over closures.
Rounds of wage-cuts and redundancies have already affected workers at Delphi’s sites here in Britain.
In February workers at a Delphi plant in Kirkby threatened to walk out over the attacks on their jobs and pay which began in December. That determination may be needed soon.