Just saw CEO Steve Miller on Bloomberg this afternoon. Delphi will not be liquidated. His plan to restructure Delphi should take about 18 months. He also said (paraphrasing) unskilled labor rates are killing Delphi. If he can't re-negotiate with UAW, he will move these functions off-shore. He was asked if he will kill the pension plan like he did when he was CEO of Bethleham Steel. He said no, the situation is different with Delphi....there is a higher worker/retiree ratio and the busniess has growth potential as opposed to B. S. He did say that that GM & Ford are in similar situation and could possibly face bankruptcy buy 2007. He believes the automakers and the UAW can sit down and come to agreement to prevent this. He stated one way or the other, auto worker wages and benefits (unskilled) will come down significantly over next couple of years.MW
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