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Delphi Bankruptcy Hits Bearing Manufacturers

Resource from:  CBCC Likes:2960
Oct 18,2005
The recent Chapter 11 bankruptcy filing by Delphi Corporation (USA; NYSE:DPH) has also hit the U.S. bearing industry by putting payments on hold to Delphi's key bearing vendors. Delphi and 38 of its U.S. domestic subsidiaries filed for Chapter 11 bankruptcy protection on October 8, 2005, in the Southern District of New York, "in order to preserve the value of the company and complete its transformation plan designed to resolve Delphi's existing legacy issues and the resulting high cost of U.S. operations." Direct link to all Delphi bankruptcy court documents · One industry executive told eBearing, "Steve Miller has done it to us again," referring to Delphi's recently-installed turnaround CEO being the same Steve Miller who put Federal-Mogul into Chapter 11 bankruptcy in October 2001, involving a number of bearing vendors who still have not been paid. The earliest projections for F-M exiting bankruptcy are mid-2006, and even then creditors will be paid in equity, not cash.
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