AFSCME 3357-HOF'S BLOG

Delphi is closing the book on Chapter 11

It looks like Delphi's Steve Miller is no longer the Pompatus of bankruptcy. Delphi is finally leaving Chapter 11 after 4 years and billions of dollars of post Chapter 11 life support. Delphi's bankruptcy exit is enabled by yet another cash infusion from General Motors, this one courtesy of the Federal Government.

Was Delphi worth saving? Of 44 US-based plants pre-bankruptcy, post-bankruptcy, Delphi will have exactly 4 working factories in the United States. It's U.S. workforce has fallen from 50,000 employees to 14,000. From being a bastion for American-sourced car parts, Delphi has become a leader in domestic content reduction.

Bye Steve-o We'll miss you.