Things are going to get really interesting for the UAW, GM, and US in general. So much for making $100,000 with overtime driving a fork lift. Considering the amount of parts GM gets from Delphi, what if their employees decide to drop the quality or quantity of work they put out with wages and benefits are severely cut? Service industries around areas that depend on their plants are going to be hurting too once all that discretionary income gets cut.DETROIT - Delphi Corp., the largest U.S. auto supplier, filed for bankruptcy Saturday, sending shock waves through the nation's auto industry, which already is weakened by high labor costs and falling market share.
The company's bankruptcy is one of the largest in the country's history.
Delphi filed to reorganize its U.S. operations in federal bankruptcy court in New York, where hearings are scheduled to begin next week. Delphi's non-U.S. operations were not 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.
"We will make every effort to make this as quick as possible," Miller told The Associated Press on Saturday.