The United Auto Workers union opposed bankrupt Delphi Corp.’s plan to pay its executives up to $37.6 million in bonuses for the second half of 2007, Bankruptcy Law360 reported yesterday. The UAW’s agreement with General Motors Corp. and its supplier Delphi involved substantial concessions by the UAW and demanded corresponding losses on the part of Delphi’s executives. These concessions included agreeing to Delphi’s plan to sell or transfer seven plants with UAW employees, and wind down 10 others; freeze its pension plan; and do away with cost-of-living adjustments, according to the UAW.

Dana Corp. moved a step closer to exiting bankruptcy Friday by filing a reorganization plan that calls for up to $750 million in new investments in the company, largely from private equity firm Centerbridge Capital Partners LP, the Associated Press reported on Saturday. Dana’s reorganization plan is structured around an investment from Centerbridge as well as agreements with labor unions representing 6,500 employees at 25 U.S. plants. Centerbridge will invest between $250 million and $500 million in Dana, and other investors will provide up to another $250 million. In July, the United Auto Workers and United Steelworkers agreed to a two-tier wage structure and to eliminate Dana’s obligation to provide non-pension retiree benefits. Dana also announced a key deal this week to continue to supply parts to Chrysler LLC, but at higher prices than they did before. The settlement still needs a judge’s approval.