IN BRIEF

DETROIT

Carmaker, debtholders said to progress in talks

With a government-imposed deadline for its restructuring plan just a day away, General Motors Corp. was making progress Monday in concession talks with debtholders and its main union, but deals may not come until after the deadline passes, people briefed on the situation said.

Talks at GM and Chrysler LLC, both of which are living off billions in government loans, continued Monday with few details emerging. Both companies must submit plans to the Treasury Department by today to show how they will repay the loans and become viable again.

BUENA VISTA TOWNSHIP, Mich.

Delphi to cut 800 jobs in steering division

Nearly 800 jobs are being eliminated at the steering division of Delphi Corp. near Saginaw, Mich.

The cuts announced Monday are hitting 425 hourly workers and 350 employees who are on salary at the Delphi complex in Buena Vista Township. They will kick in March 1.

"We've anticipated this for some time," said Mike Hanley, president of United Auto Workers Local 699.

Delphi has had temporary furloughs since the start of the year, he told The Saginaw News.

Creditors may seek exit of Sirius XM chief

A group of Sirius XM Radio Inc. creditors will seek the removal of Chief Executive Officer Mel Karmazin if the company files for bankruptcy instead of making a deal to remain solvent.

"Creditors believe that a precipitous bankruptcy filing will not be in their best interests," said Edward Weisfelner, a lawyer with Brown Rudnick LLP who's representing the creditors.

"Our group is concerned that management not use the threat of bankruptcy as a negotiating tool," he said.

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U.S. financial markets were closed Monday for Presidents Day.