Word: delphi
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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...
...Will the deal eliminate the threat of a strike against Delphi...
...Negotiators from the United Auto Workers seem to believe the most militant UAW members will opt for retirement rather than a confrontation over likely future wage cuts at Delphi, which is also covered under the buyout agreement. The buyouts give the union a little more room for bargaining on future concessions, says McAlinden. With the buyout agreement in place, representatives from the UAW and Delphi Corp. are slated to resume discussions on rewriting the bankrupt company's existing contract with the union. GM representatives also are expected to participate in the talks, suggesting that GM plans to keep a close...