TROY, MI -- On the heels of a federal bankruptcy court judge's decision last week, Delphi is set to emerge from Chapter 11, but several stakeholders appear concerned over just what the move will mean for them.

• General Motors is gearing up to accept the risk of five of Delphi's US plants and its global steering business.
• Michigan's Department of Environmental Quality expressed concern it might be stuck with a potentially sizable tab for cleaning up any pollution on the Delphi's properties. The agency is pursuing legal avenues to insure General Motors is liable for future remediation.
• And the Delphi Salaried Retiree Association, a group of former employees, is outraged over the decision to offload the company's pension plan to a federally run agency. The DSRA has filed suit to stop the move to the Pension Benefit Guaranty Corp., which caps the amount a beneficiary can receive each month.

After returning most of its business units to former parent GM, Delphi will focus on telematics, engine control units, safety and cabin controls and consumer electronics.

Under the Chapter 11 plan, the new Delphi will have four US plants and 1,500 hourly employees. It's unclear what the company's revenues will be, but they will certainly be lower than last year's $5.6 billion. 

Delphi had 41 plants and 33,000 employees in the US, and revenues of $22.6 billion when it filed for Chapter 11 in October 2005.