Delphi Corp. is offering its high-level executives pay raises and stock options to stay with the company, just days after the auto-parts manufacturer filed for Chapter 11 bankruptcy protection and hinted at plant closings and employee layoffs.

According to Reuters, 486 top executives who stay with the company until its reorganization plan is completed in mid-2007 will receive annual cash bonuses and up to a 10 percent stake in the company.

The cash bonuses, Reuters reports, will range from 30 to 250 percent of the executives’ salaries, and will total $87.9 million.

However, the courts must first approve the plan – dubbed by Delphi as the “Key Employee Compensation Plan” – as part of the overall bankruptcy recovery plan.

Delphi and 38 of its U.S. subsidiaries filed voluntary petitions for business reorganization under Chapter 11 of the U.S. Bankruptcy Code on Saturday, Oct. 8. Delphi’s non-U.S. subsidiaries that were not included in the filing will continue their business operations without supervision from the U.S. courts and will not be subject to Chapter 11 requirements.

Delphi’s bankruptcy filing was the largest in U.S. automotive history, according to Reuters.