U.S. Pay czar says he is reworking old pay pacts

* Feinberg says he is reworking contracts

* Team is working on grandfathered deals

By Gina Keating and Steve Eder

LOS ANGELES/NEW YORK, Oct 1 (Reuters) - The Obama administration's pay czar said on Thursday he was reworking compensation agreements for some of the highest paid employees at seven companies that have received government funds and hoped to make details public by mid-October.

"We have been quite successful in the last three or four months in renegotiating grandfathered contracts," Kenneth Feinberg said at an event at the University of California at Los Angeles School of Law.

Seven companies in his review are: Citigroup Inc (C.N: Quote, Profile, Research), Bank of America Corp (BAC.N: Quote, Profile, Research), American International Group Inc (AIG.N: Quote, Profile, Research), General Motors [GM.UL], GMAC, Chrysler and Chrysler Financial.

Grandfathered contracts have been a central issue in Feinberg's pay review. For example, he must rule on the pay of Citigroup energy Trader Andrew Hall, who is expected to make more than $100 million this year. There has been debate about if and how Feinberg would address Hall's pay, which stems from a contract signed before a government-mandated Feb. 11, 2009 cutoff for what was eligible to be reviewed.

Feinberg, who has held this position with the Treasury Department since June, met with White House and U.S. Treasury officials, including Treasury Secretary Timothy Geithner, on Wednesday, but details about the meeting were not disclosed.