Speaking of a little news...
Good morning, all...
I found this article at MSN Money...
Out of Court Talks Heat Up in Delphi Case
NEW YORK (AP) - Auto parts supplier Delphi Corp. and its employee unions said Friday they are pursuing negotiations out of court as the company finished presenting its case to determine whether it will be permitted to void its labor contracts.
"Every day we get up, we ask ourselves what we can do to further the operative to have a consensual deal -- sooner rather than later," Delphi's lead attorney John W. Butler Jr. said.
U.S. Bankruptcy Judge Robert Drain adjourned the hearing Friday. It is set to resume Monday, with the unions starting to present their case. After that, Butler said, there are no other public dates on the calendar, which may offer the two sides a reprieve from court proceedings so they can work toward a deal.
Thomas Kennedy, an attorney for the International Union of Electronic Workers-Communications Workers of America, said he hoped Delphi and the unions could use the time constructively.
"I don't know what happens Monday. I don't know what happens after that," Kennedy said. "You can infer from that, we have some time to bargain."
Kennedy said it's possible that Delphi and the unions may want to reach an agreement by the start of the United Auto Workers' annual convention, which is scheduled to begin June 11.
Butler said the company was in active negotiations with six of the seven unions representing Delphi employees, and was in discussions with the seventh.
The UAW, which represents the largest number of Delphi employees, is expected to begin presenting its case Monday, the seventh day of the hearings that could determine the future of the company's labor contracts and its employee retirement benefits.
Delphi has proposed cutting wages from $27 an hour to $16.50 an hour, a plan that would require a contribution from General Motors Corp., Delphi's former parent and its largest customer. GM, however, has not said it would supplement the wages, and if GM does not help, Delphi has said it can only pay employees $12.50 an hour.
Delphi filed for Chapter 11 bankruptcy protection in October. It is seeking the right to cancel its contracts with the UAW and other unions, saying that is a crucial step in its efforts to cut its costs and ensure its survival. UAW members overwhelmingly authorized their leaders to call a strike.
With two sides trying to reach a deal, a professor at Northeastern University, Harlan Platt, said, "In this case, I think the judge is being King Salomon." Platt predicted a favorable outcome to the negotiations. "I think, at the end of the day, (Delphi CEO) Steve Miller will be a winner, Delphi will be a winner, American workers will be winners, and the union will have proved itself to be a hero."
Friday's testimony focused on information sharing between financial advisers to the two parties.
Two days earlier, Delphi said its monthly losses more than tripled from March to April as GM bought fewer parts from the company.
Delphi reported on Wednesday a net loss of $192 million in April, compared with a loss of $56 million in March. The company took in nearly $1.4 billion in revenues, including $761 million from GM. GM spent nearly $1.1 billion on Delphi parts in March.
In a separate motion, Delphi is asking the court to allow it to alter supply contracts with GM. Those hearings are scheduled for June 19, 20 and 23, Butler said.
© 2006 The Associated Press
We'll see...
Dawn
I found this article at MSN Money...
Out of Court Talks Heat Up in Delphi Case
NEW YORK (AP) - Auto parts supplier Delphi Corp. and its employee unions said Friday they are pursuing negotiations out of court as the company finished presenting its case to determine whether it will be permitted to void its labor contracts.
"Every day we get up, we ask ourselves what we can do to further the operative to have a consensual deal -- sooner rather than later," Delphi's lead attorney John W. Butler Jr. said.
U.S. Bankruptcy Judge Robert Drain adjourned the hearing Friday. It is set to resume Monday, with the unions starting to present their case. After that, Butler said, there are no other public dates on the calendar, which may offer the two sides a reprieve from court proceedings so they can work toward a deal.
Thomas Kennedy, an attorney for the International Union of Electronic Workers-Communications Workers of America, said he hoped Delphi and the unions could use the time constructively.
"I don't know what happens Monday. I don't know what happens after that," Kennedy said. "You can infer from that, we have some time to bargain."
Kennedy said it's possible that Delphi and the unions may want to reach an agreement by the start of the United Auto Workers' annual convention, which is scheduled to begin June 11.
Butler said the company was in active negotiations with six of the seven unions representing Delphi employees, and was in discussions with the seventh.
The UAW, which represents the largest number of Delphi employees, is expected to begin presenting its case Monday, the seventh day of the hearings that could determine the future of the company's labor contracts and its employee retirement benefits.
Delphi has proposed cutting wages from $27 an hour to $16.50 an hour, a plan that would require a contribution from General Motors Corp., Delphi's former parent and its largest customer. GM, however, has not said it would supplement the wages, and if GM does not help, Delphi has said it can only pay employees $12.50 an hour.
Delphi filed for Chapter 11 bankruptcy protection in October. It is seeking the right to cancel its contracts with the UAW and other unions, saying that is a crucial step in its efforts to cut its costs and ensure its survival. UAW members overwhelmingly authorized their leaders to call a strike.
With two sides trying to reach a deal, a professor at Northeastern University, Harlan Platt, said, "In this case, I think the judge is being King Salomon." Platt predicted a favorable outcome to the negotiations. "I think, at the end of the day, (Delphi CEO) Steve Miller will be a winner, Delphi will be a winner, American workers will be winners, and the union will have proved itself to be a hero."
Friday's testimony focused on information sharing between financial advisers to the two parties.
Two days earlier, Delphi said its monthly losses more than tripled from March to April as GM bought fewer parts from the company.
Delphi reported on Wednesday a net loss of $192 million in April, compared with a loss of $56 million in March. The company took in nearly $1.4 billion in revenues, including $761 million from GM. GM spent nearly $1.1 billion on Delphi parts in March.
In a separate motion, Delphi is asking the court to allow it to alter supply contracts with GM. Those hearings are scheduled for June 19, 20 and 23, Butler said.
© 2006 The Associated Press
We'll see...
Dawn
posted by Spencemo @ 9:47 AM
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