Transportation Industry
GM, Delphi, UAW Agree on Buyout Plan
Transport Topics, March, 2006 by Anonymous
General Motors Corp., its former parts unit Delphi Corp. and the United Auto Workers said last week that buyout packages will be offered to hourly employees in North America to cut labor spending.
Delphi is attempting to shrink its workforce so it can emerge from bankruptcy. Struggling automaker GM may get 10% of eligible factory workers to accept a buyout, JP Morgan Securities analyst Himanshu Patel said.
Also last week, U.S. Bankruptcy Judge Robert Drain ruled Delphi must appoint a committee to represent shareholders in its bankruptcy because it is undervaluing its assets. - Bloomberg News
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