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10/10/2005

UAW statement on Delphi filing for bankruptcy

Source: UAW

UAW President Ron Gettelfinger and UAW Vice President Richard Shoemaker today issued this statement on the decision by Delphi Corp. to file for Chapter 11 bankruptcy protection:
“The UAW is deeply disappointed by the decision by the Board of Directors of Delphi Corp. to today file for bankruptcy.


“Delphi’s decision is obviously an extremely bitter pill for the 25,000 Delphi workers represented by the UAW as well as for the thousands of workers represented by other unions and non-union salaried Delphi employees – all of whom have worked hard to try to make Delphi’s U.S. operations successful.

“The UAW is committed to doing everything we possibly can to protect the interests of our active and retired members and their families. Unfortunately, this is not the first time that the UAW has had to deal with a court-ordered corporate restructuring, and we will vigorously use our experience, expertise and resources to represent the interests of UAW-Delphi workers and retirees throughout this process.

“Over the past several months, the UAW has engaged in discussions with Delphi to craft a mutually agreeable approach to the company’s financial problems that would have enabled Delphi to avoid filing for bankruptcy. We made it clear to Delphi that we were willing to continue discussions and to consider a wide range of options. However, from the outset of talks about a possible bankruptcy filing, Delphi made it clear that the UAW alone could not solve the company’s problems. “Delphi today informed the UAW that it was filing for bankruptcy – more than a week before the new federal bankruptcy law will go into effect.

“Delphi’s decision would be extremely disappointing under any circumstances, but it is all the more so in light of the company’s announcement on Friday – just one day before filing bankruptcy -- that it had sweetened the severance packages for Delph’s 21 most highly compensated executives because the old severance package was – as a Delphi spokesperson put it -- ‘uncompetitive.’

“Once again, we see the disgusting spectacle of the people at the top taking care of themselves at the same time they are demanding extraordinary sacrifices from their hourly workers, engineers, administrative and support staff, mid-level managers and others. All of them deserved better from Delphi’s senior executive leadership.”

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