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Delphi Collapsing?
This may not come as a surprise to the locals here in Flint, Michigan, but Delphi could be literally “torn down,” if it does not reach an agreement soon.
Delphi faces a deadline Friday to deliver a term sheet outlining the future of its continued support from GM, which spun off Delphi a decade ago but still has ties to the company, one of its largest suppliers.
If it fails to reach an agreement with GM, the Treasury Department and its lenders by April 24th, Delphi could lose its bankruptcy financing, which could mean liquidation. Liquidation would mean an end to Delphi as we have known it. Delphi filed for bankruptcy in the fall of 2005 and was supposed to be out of the courts by the middle of 2007.
*I took this pic of the S. Averill St. Delphi Parts Plant, in Flint , Michigan, being torn down 4/12/09.
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