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GM in talks to reclaim Delphi plants
Troy-based Delphi plans to have no more than eight U.S. plants operating by year's end. Under the terms of GM's master agreement with Delphi, the automaker has the right to buy unsold facilities.
GM's viability plan is expected to include significant job cuts, including more than 5,000 salaried job cuts and an unspecified number of new plant closures.
In December, GM told Congress it planned to cut 21,000 to 31,000 more employees by 2012 and close nine additional plants. It now plans to go beyond both those figures, people familiar with the plan said.
Delphi spokesman Lindsey Williams confirmed Monday that GM and Delphi have been in talks along with Delphi's lenders, but declined to discuss the details.
Williams confirmed those talks have considered 'alternative paths to emergence.'
GM spokeswoman Renee Rashid-Merem said talks were continuing with Delphi 'to help Delphi emerge from bankruptcy. 'Any future actions or involvement would have to be considered in the context of the viability plan being submitted to the U.S. Treasury,' she said.
She said the company was still moving forward on its submission to Treasury. 'We're rolling up our sleeves,' she said. 'We're actively engaged.'
Delphi, which filed for bankruptcy protection in October 2005, has struggled to emerge for months.
Appaloosa Management LP led a group of six investors that agreed to inject up to $2.55 billion in a recapitalized Delphi, as part of a deal in which Delphi obtained $6.1 billion in exit financing.
But the investors withdrew, claiming Delphi breached its agreements. Delphi sued Appaloosa in May, seeking to force it to follow through and make its investment and pay damages of more than $250 million.
If GM took back some plants, it would echo a strategy that Ford Motor Co. employed with its former parts unit Visteon Corp. In 2005, Ford agreed to take back 24 Visteon plants and facilities, including 20 in the United States. Ford created a wholly owned subsidiary, Automotive Components Holdings LLC, to divest those plants.
By 2009, Delphi plans to have eight factories in the United States, down from its current 14, and a high of 37 plants, Delphi has said in court filings.
It plans to cut another 25 percent of its salaried staff to fewer than 7,700 by next year. Its blue-collar work force will shrink to fewer than 5,000.
The company also said it will cut another 500 of its 3,200 suppliers by this year, down from more than 5,000 it had in 2005.
GM's viability plan is expected to include significant job cuts, including more than 5,000 salaried job cuts and an unspecified number of new plant closures.
In December, GM told Congress it planned to cut 21,000 to 31,000 more employees by 2012 and close nine additional plants. It now plans to go beyond both those figures, people familiar with the plan said.
Delphi spokesman Lindsey Williams confirmed Monday that GM and Delphi have been in talks along with Delphi's lenders, but declined to discuss the details.
Williams confirmed those talks have considered 'alternative paths to emergence.'
GM spokeswoman Renee Rashid-Merem said talks were continuing with Delphi 'to help Delphi emerge from bankruptcy. 'Any future actions or involvement would have to be considered in the context of the viability plan being submitted to the U.S. Treasury,' she said.
She said the company was still moving forward on its submission to Treasury. 'We're rolling up our sleeves,' she said. 'We're actively engaged.'
Delphi, which filed for bankruptcy protection in October 2005, has struggled to emerge for months.
Appaloosa Management LP led a group of six investors that agreed to inject up to $2.55 billion in a recapitalized Delphi, as part of a deal in which Delphi obtained $6.1 billion in exit financing.
But the investors withdrew, claiming Delphi breached its agreements. Delphi sued Appaloosa in May, seeking to force it to follow through and make its investment and pay damages of more than $250 million.
If GM took back some plants, it would echo a strategy that Ford Motor Co. employed with its former parts unit Visteon Corp. In 2005, Ford agreed to take back 24 Visteon plants and facilities, including 20 in the United States. Ford created a wholly owned subsidiary, Automotive Components Holdings LLC, to divest those plants.
By 2009, Delphi plans to have eight factories in the United States, down from its current 14, and a high of 37 plants, Delphi has said in court filings.
It plans to cut another 25 percent of its salaried staff to fewer than 7,700 by next year. Its blue-collar work force will shrink to fewer than 5,000.
The company also said it will cut another 500 of its 3,200 suppliers by this year, down from more than 5,000 it had in 2005.
