delphi announces bankrupcty..bad news for GM

[Redlyne_mr2]

Damn so Delphi went banko, that's something Im sure Gm did not want to see happen since they work so closely together. Surprisingly gm's stocks didnt drop much..yet
http://www.cnn.com/2005/BUSINESS/10/...i.bankrupt.ap/

[habsfan]

from what i had heard, gm and delpi has split ways, but a clause in the split said that if delphi had fallen into bankruptcy within a certain timeframe after the deal, GM would take responsibility for all lost wages and severence packages owed to delphi employees...and i believe it has fallen in this timeframe, so thus GM is about to get royally ass-raped.

[nhlfan]

i was just about to post this.

[BokCh0y]

ass raped is an understatement i think they're starting to feel more like the chicks from black bros and white hos......Ouch.

[Xtrema]

When you owe $10B overnight, I would shit a brick.

[SwitchBlade]

Didn't go bankrupt, they just filed for Bankruptcy for protection against creditors which will give them time to restructure their corparation.

GM isn't the only one who is in trouble, Ford and Chrysler also use Delphi products. Which, is going to affect job layoffs their as well as other tiers of suppliers.

[Redlyne_mr2]

Originally posted by SwitchBlade
Didn't go bankrupt, they just filed for Bankruptcy for protection against creditors which will give them time to restructure their corparation.

GM isn't the only one who is in trouble, Ford and Chrysler also use Delphi products. Which, is going to affect job layoffs their as well as other tiers of suppliers.

Ummm thats what bankruptcy is. Chrysler and Ford were not nearly in as deep as GM. Chrysler subcontracted them for a few things but so did other manufacturers.