Word: delphi
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Dates: during 2000-2009
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...share continuing to fall, General Motors Corp. is hoping more than 35,000 blue-collar workers will accept an early retirment package and, as a result, help expedite the floundering company's much-needed restructuring. It also hopes the packages will help bail out its principal supplier, the bankrupt Delphi Corp. But as so often happens with GM's attempted comeback, the announcement raised as many questions as answers...
...years, the buyouts should enable GM to trim its hourly workforce in the U.S. - which approached 500,000 during the late 1970s - to around 80,000 or less, according to Sean McAlinden of the Center for Automotive Research in Ann Arbor, Michigan. In addition, the hourly payroll at Delphi, the supplier company GM spun off in 1999, could be trimmed from 34,000 today to about...
...Motors Acceptance Corp., its commercial mortgate business, to a group of outside investors that includes Kohlberg Kravis Roberts & Co.and Goldman Sachs Capital Partners. Selling GMAC also will help cover the cost of the buyouts, which are expected to exceed $2 billion, pending approval by the bankruptcy judge presiding over Delphi's Chapter 11 filing - since GM also has agreed to assume Delphi's financial responsibility for post-retirement benefits as part of the deal with the union...
...although not to North America, where autoworkers would probably object). GM and Volkswagen export small quantities too, such as Chevy Venture minivans to the Philippines and Polo compact cars to Australia. A Chinese supplier, Wanxiang Group, is reportedly even negotiating to buy some assets of the bankrupt U.S. partsmaker Delphi...
...pension plan were terminated tomorrow, it would be $31 billion short, according to the Pension Benefit Guaranty Corporation. GM says its pension obligations are more than fully funded and it has no intention of terminating its plan. But GM may have to shoulder some of Delphi's liabilities--GM spun off Delphi in 1999. In a worst-case scenario, by GM's estimate, the tab for Delphi's 34,000 workers could hit an additional $11 billion. Without unloading its pension obligations, analysts say, GM must find a way to sell more vehicles at higher prices...