Democratic Underground - AP: Auto Supplier Delphi Files for Bankruptcy

AP: Auto Supplier Delphi Files for Bankruptcy [View All]

bpilgrim

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Sat Oct-08-05 12:29 PM
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AP: Auto Supplier Delphi Files for Bankruptcy

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Edited on Sat Oct-08-05 12:32 PM by bpilgrim

10.08.2005, 12:42 PM

Delphi Corp., the largest U.S. auto supplier, filed for bankruptcy Saturday, sending shock waves through the nation's auto industry, which already is weakened by high labor costs and falling market share.

The company's bankruptcy is one of the largest in the country's history.

Delphi filed to reorganize its U.S. operations in federal bankruptcy court in New York, where hearings are scheduled to begin next week. Delphi's non-U.S. operations were not included in the filing.

Delphi Chairman and CEO Robert S. Miller said the company hopes to emerge from Chapter 11 in early to mid-2007.

"We will make every effort to make this as quick as possible," Miller told The Associated Press on Saturday.

more..
http://www.forbes.com/work/feeds/ap/2005/10/08/ap2266956.html

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AP: Auto Supplier Delphi Files for Bankruptcy [View All]