Bankrupt auto parts supplier Delphi announced that it has accepted a $3.4 billion investment from a group of private equity companies to help fund its emergence from bankruptcy protection. Delphi also said that its replaced CEO Robert S. (Steve) Miller with President Rodney O’Neal, effective Jan. 1. Miller will remain Chairman, and O’Neal will remain […]

Delphi has said that nearly 14,000 United Auto Workers members will take retirements or buyouts under deals reached as part of its Hourly Special Attrition Plan. While eligible U.S. hourly employees were able to receive a lump sum payment of $35,000 to retire, others were eligible for buyout packages ranging from $40,000 to $140,000.
Delphi said […]

General Motors CEO Rick Wagoner said today that the automaker had made “progress with all the constituents” in talks between bankrupt parts maker Delphi and its unions.
“We’ve made progress very quickly. I remain optimistic and hopeful to reach a deal as quickly as possible,” Wagoner told reporters. “There are a million strings on this deal. […]

Bankrupt auto parts supplier Delphi said on Friday that 6,300 U.S. workers of the International Union of Electrical Workers-Communications Workers of America, company’s second largest union, have choosen to leave through early retirement offers or buyouts. The 6,300 workers are 83 percent of those eligible. The IUE-CWA represented about a quarter of Delphi’s U.S. hourly […]

A U.S. bankruptcy court judge postponed the hearing into auto parts maker Delphi’s request for the power to void its union contracts and impose wage and benefit cuts on its U.S. hourly workers. Lawyers for Delphi, General Motors and Delphi’s unions met with Judge Robert Drain on Thursday afternoon, with the hearing adjourned at Delphi’s […]

Bankrupt auto supplier Delphi, the world’s largest auto supplier, announced that it lost $2.6 billion during the first half of the year. Similar to former parent General Motors, most of Delphi’s losses ($1.9 billion) are associated with the buyouts and early retirements that are a key part of the company’s Chapter 11 reorganization.
While Delphi’s attrition […]

A U.S. bankruptcy court judge on Wednesday approved Delphi’s request to extend its executive bonus plan through the second half of 2006, despite the objections of the company’s labor unions, which represent 33,000 U.S. factory workers.
The United Auto Workers and five other unions vigorously objected to the extension, warning it could distract from negotiations over steep […]

Ron Gettelfinger, United Auto Workers President, said recent talks with Delphi have made little progress and that a strike is still possible.
“We have not ruled out any of our options,” Gettelfinger said Monday.
After Delphi, the UAW and GM agreed on an early retirement and buyout program, Gettelfinger said he had expected more concessions from Delphi […]

The United Auto Workers have called the proposed bonus plan for Delphi’s executive management excessive and have said if passes, it would complicate negotiations. Delphi receveived court approval to pay executive bonuses for the first half of 2006 and has asked a judge to extend the plan to the second half. They are also seaking […]

Delphi has hired 2,000 temporary workers to offset the departure of 12,600 union workers who are taking early retirement or buyouts. Most of the temporary worker will earn $14 an hour rather than the $27 now paid to union workers. Dephi is expecting some short-term loss of productivity but the saving from the lower wages […]