Embattled Auto Supplier, Delphi, Declares Bankruptcy

Via the Detroit Free Press:

Delphi, the largest U.S. auto supplier, files for bankruptcy

October 8, 2005

DETROIT (AP) -- Delphi Corp., the largest U.S. auto supplier, filed for bankruptcy Saturday, sending shock waves through a U.S. auto industry already weakened by high labor costs and falling market share.

Delphi's bankruptcy, which is expected to result in plant closures and layoffs, is the largest ever in the auto industry. It is also the biggest in Michigan and the 13th largest in U.S. history based on assets, according to bankruptcy tracker New Generation Research Inc.

The company filed to reorganize its U.S. operations in U.S. Bankruptcy Court in New York, where a hearings was scheduled for Saturday afternoon. Delphi's non-U.S. operations weren't 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...

More in the full article, which appears here.

-- MDT