General Motors has made a “multibillion-dollar” demand for payment against Delphi, the bankrupt auto part supplier that was a part of GM until 1999. Delphi has been relying on to help carry out its bankruptcy reorganization. Delphi said it has its own demands for payment to make against GM. Its creditors have estimated GM’s debt to Delphi in the “billions of dollars.” Delphi — America’s largest auto parts supplier — blamed GM in March for many of its financial difficulties, saying “as a result of the manner in which Delphi was created…the debtors’ products do not represent a strategic vision.” It filed for Chapter 11 protection last October, listing $22 billion in debt.
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08/08, 9:30 AM
posted by:
Arne
$22 billion in debt? That is quite the achievement.
08/08, 9:47 AM
posted by:
Angelo
yeah, is George Bush their CEO?
08/08, 10:09 AM
posted by:
chris2
GM said “let there be Delphi” and it was formed from all the GM parts divisions. With it went all the pension, union, high wage, health issues.
I guess GM did one over on them all but that is what they should have taken care of 10? years ago.
08/08, 11:08 AM
posted by:
Kinno
lol Angelo…
The great thing about America is, if you’re an absolute f’ing moron with the IQ of a poodle, and run numerous companies into the dirt, you can still rise up from the ashes (one more time) to become the president.
It’s for exactly this reason that the US is headed for such a wonderful future!
08/08, 11:11 AM
posted by:
jay
22 billion? Wow yes what an achievement…
Good for GM I wish they’d just die with the rest of the overgrown dinosaurs
08/08, 12:34 PM
posted by:
pj
you say die gm. you probably want all us auto makers to die. you dont believe that if they die we go into depression. if they die everyone will be affected. taxes will be HUGE to pay for the poor almost homeless auto workers of which there are so many. so good luck with that bud
08/08, 5:12 PM
posted by:
The Stig
The pot calling the kettle black.
08/08, 8:19 PM
posted by:
jay
No PJ I sure don’t want all the auto makers to die, and I sure understand the consequences. Let me refrase that last sentence:
Good for GM I wish they would make better products and the old self die because it created bad products for many decades and thought that it would live and profit forever…
Is that a little better? I didn’t mean GM die I meant it’s older self that has been making terrible profits for 30 some or more years.
08/22, 12:17 AM
posted by:
Paul
Hello,
Times almost up for the UAW and Delphi to work out a deal. I don’t see that happening. I do see a strike in the near future that idles GM’s North America plants.
In my opinion this is all in the plan. GM will then go Bankrupt. GM will then throw out its UAW contract or better yet (for GM) not negotiates a new UAW contract in 2007. Then they can hire new employees if the current employee fails to return to work with no UAW contract.
Plus GM can take back Delphi since it went Bankrupt.
If this happens what will Ford do? I don’t believe they will go Bankrupt. I believe they will just end all production of vehicles in the United States. Build new production facilities in Mexico and maybe China and coming up with an all new vehicle line up. Then Daimlerchrysler will follow suite, taking everything back to Germany.
Just my thoughts,
Paul
08/22, 2:24 PM
posted by:
Paul
Frogger,
When you stated “So when you big three are gone” do you believe that they will be out of business?
I believe that the time is almost up for the UAW and Delphi to work out a deal and I don’t see that happening. I see the Delphi UAW contract thrown out by the judge and a strike by Delphi workers that idles GM’s North America plants. In my opinion this is all in the plan, GM will then go Bankrupt. GM will be able to throw out its UAW contract or better yet (for GM) not negotiates a new UAW contract in 2007. Then they can hire new employees if the current employee fails to return to work with no UAW contract. Plus GM can take back Delphi since it went Bankrupt (this was all in the fine print when GM spun off Delphi).
If this happens what will Ford do? I don’t believe they will go Bankrupt. I believe they will just end all production of vehicles in the United States. Build new production facilities (they are needed anyway as is a whole new vehicle line up to compete with Toyota and Honda) in Mexico and maybe even China. Then Daimler Chrysler will follow suite, taking everything back to Germany.
Paul