Delphi: Deal, or court decides; CEO: Everyone's better off if we settle outside bankruptcy.

Crain's Detroit Business, September, 2005 by Kosdrosky, Terry

Byline: Terry Kosdrosky Delphi Corp. CEO Steve Miller is fighting a two-front war to keep the auto supplier out of bankruptcy, suggesting to its union and largest customer that they're both better off with an out-of-court settlement. In interviews last week, Miller said former parent General Motors Corp.

faces pension liabilities and higher prices if Delphi were to file Chapter 11 and said a filing could jeopardize pension payments to unionized workers. Miller said an out-of-court settlement gives all three parties more freedom and flexibility. In a Chapter 11, everyone's hands are tied. "Right now, we're free to do whatever deal we want,'' Miller said. "If we go into Chapter 11, you have a judge and other creditors with their own ax to grind.''...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.