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Delphi Inching Closer to Chap. 11

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From TCC

The chances of Delphi Corp. winding up in bankruptcy court are rising as the United Auto Workers balks at the concessions demanded by Delphi's management.

Claudia Baucus, Delphi spokeswoman, said the company would not comment on the discussions with GM or the UAW. Richard Shoemaker, head of the UAW GM Department, also has declined to discuss the ongoing discussions with GM and Delphi publicly.

However, according to accounts from local union leaders who attended the GM Council meeting in Chicago recently, Shoemaker noted Delphi's management has presented the union with a long list of demands, including sweeping cuts in wages and benefits. Delphi also wants the rights to close plants, he said. Plant closings are now barred through 2007 under the terms of the current Delphi-UAW contract, which expires in 24 months.

Shoemaker also expressed doubts about whether the discussions could produce some kind of agreement before the mid-October deadline hinted at by Steve Miller, Delphi's CEO. Miller has said that if Delphi was going to file for bankruptcy it was better to do so prior to Oct. 17, when bankruptcy laws are scheduled to change. Among the solutions sought from the UAW in the preliminary talks are the transfers of more than 7000 Delphi employees back to GM.
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its Delphi fault completely GM gave them mass amounts of money to help them grow but they cooked the books and did nothing then GM filled there pockets again and said we will not be your main income sell to others!! but they pocketed it again and now there bankrupt. .... Cough FIAT cough..... Next will prolly be EDS but i think they changed when they got the same speach go get other clients.
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