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Delphi asks court to let it redo thousands of contracts with GM.(News)
Crain's Detroit Business, April, 2006
Byline: David Barkholz, Philip Nussel As General Motors Corp. bails out Delphi Corp., its former parts operations, the automaker is harvesting some bitter fruit that it has sowed. Troy-based Delphi was driven into Chapter 11 bankruptcy protection in large part because of its huge losses on the sale of components to its former parent.
In documents filed in U.S. Bankruptcy Court in New York City on Friday, Delphi revealed shocking losses on thousands of GM contracts. Delphi seeks permission to void the contracts and renegotiate them at higher prices from a customer that has forced prices down aggressively. The filing came as Delphi revealed its long-anticipated restructuring plan that would slash labor costs by voiding union contracts, close or sell all...
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