Keys Points from Delphi's Bankrupcy Filing - by AutoGuyDetroit
* Pension can be turned over to governmnet Pension Benefit Guaranty Corp (PBGC). If it happends, those who worked for GM and Delphi will likely to get only a fraction, 50% or less(有谁更清楚答案吗?), of their full pension by their retirement ages.
* Delphi will divest, consolidate or close a substantial segment of its 45 manufacturing sites in the US and Canada.
* Terminate health and life-insurance benefits for its retirees. My data shows it will cost these retirees about $800 per month to pick up the same level of the insurance.
* If the Big Three can't win concessions from the UAW on labor costs, then it is a very realisric possibility that they too will have to use the Chapter 11 process. 太糟了，what used to be a Golden Bowl (or Iron Bowl in Chinese term) working for the Big Three or Delphi/Visteon is long gone ...!!!
* This is a very fragile supply chain and I don't see how there can't be production shutdowns after that. Tower Automotive's Chartper 11 filing did not trigger any lower tier suppliers shutdown but Delphi is 14 time bigger in size and revenue and it holds a critical position in supplier chain for almost all big OEMs in Detroit.
* The Union are being realistic and they know life has to change and that we can't go on as usual. However, the Union leaders have lost their ability to pursue their workers to accept these realities. 别生气，我们的蓝领兄弟们，you have simply been spoiled too much for too long, and lost your sights.
* GM will engage serious talks with Delphi but needs to pursue outcomes that are in the best interst of FM and its stakeholders. GM said we also have a company to run and we have to make money in the end.
* Mr. Miller was quoted saying that the steel industry was simply going through a process that other once-dominant American industries, such as the auto industry, would soon head down as well. Kirk Kerkorian(可能拼错了) has the same vision too.
* Despite its promising beginnings, Delphi was dragged under by GM's falling U.S. market share and vehicle output and by the same inherited legacy costs that threaten to drive its former parent over the edge.
* Delphi's big problem is on the cost side, said Anthony Elkins, vice president at consulting firm CapGemini. It hasn't been delivery or quality. RIGHT ON!!!!!!!!!!! Their technologies have been far better than most of other tier ones.
* Union and industry officials say U.S. automakers operate at a disadvantage to overseas rivals because of their commitments to pay for the health care and pensions of a large retired work force. By contrast, most of their rivals are based in countries with national health care, limiting carmakers' obligations to current employees.
* Surging steel and other raw materials prices added to its costs. Between 2002 and 2004, Delphi's losses totaled $4.4 billion. In the first half of this year, the company lost another $741 million. What a PERFECT Storm for people like us in Detroit!!!!!! Forget about New Orleans. Houston, we got a bigger problem here in 底特律, the Motown where Model T was mass produced and $5 a day was inspired. Those glorious days are gone, officially!!!!!! Unfortunately, most of us in Detroit are still living in the past glory.
* What was happening in the steel industry was going to be happening to the airlines and to the auto industry, Miller said.
* The company that will emerge from bankruptcy in a couple years will bear little resemblance to the Midwestern auto parts giant that came into being in 1999. Visteon is a step forward now, moving from a 18 billion dollar company to a 11 billion dolloar company. However, Delphi will probably end up with a cleaner sheet to start with than Visteon in the long run. Don't laugh at Delphi now, Visteon or ACH guys, Delphi might have more potential than you.
