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Delphi bailout costs weighed vs. bankruptcy.
Crain's Detroit Business, October, 2005 by Barkholz, David
Byline: David Barkholz Crain News Service Within a week, Delphi Corp. could take the North American auto industry into uncharted territory. Delphi, the continent's largest parts supplier, threatens to file Chapter 11 bankruptcy protection for its U.S. operations by Oct. 17 if it can't at least get assurances of a multibillion-dollar bailout from General Motors Corp.
and the United Auto Workers. Delphi CEO Steve Miller, a turnaround expert with previous Chapter 11 experience, says Delphi's wage of $65 an hour including benefits is uncompetitive, and a jobs bank that pays idled workers 95 percent of their wages is costing the Troy-based company about $400 million this year. The company posted a net loss of $741 million during the first half of 2005. The...
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