The now famously infamous Detroit Quicksand claimed its first victim in the form of Delphi Corporation, the largest US auto parts supplier, which depends on GM for 50% of its sales filed for bankruptcy on October 8, 2005. Delphi’s non-US subsidiaries are not part of the bankruptcy filing. Delphi listed $17.1 billion in assets and $22.2 billion in debts in the court filings. Its restructuring plans will be funded by $4.5 billion in debt facilities. Delphi’s woes are directly linked to its GM legacy. It was spun off from its parent company GM in 1999, but has been unable to shirk off the inheritance of costly health and pension plans.
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Source IIPM-Editorial,2006
For Complete IIPM-Article, Click on IIPM-Editorial Link
Source IIPM-Editorial,2006
