NEW YORK (CNN/Money) - Auto parts maker Delphi said Saturday it filed for bankruptcy after warning for months that a filing was in the cards.

Delphi is the largest U.S. auto parts maker. The company filed for Chapter 11 bankruptcy protection for itself and 38 U.S. units in the U.S. Bankruptcy Court in New York. Delphi's non-U.S. units were not included.

Delphi (down $1.08 to $1.12, Research) has been warning of the threat of a bankruptcy filing for months. Its executives have been seeking deals with both the UAW and former parent General Motors Corp. in an effort to win what would essentially be a multi-billion dollar bailout and stave off a bankruptcy filing.

The world's largest parts supplier had about 185,000 employees worldwide in 38 countries at the end of last year, although it announced plans in December to cut 8,500 of those jobs, including 3,000 at U.S. plants.

http://money.cnn.com/2005/10/08/news/fortune500/delphi/index.htm?cnn=yes

whoa ! :eek3:

And when will the "people" allow for the amount of damage done to this company and GM by the greedy unions?

Correction: greedy unions and greedy management. Management that is busy negotiating golden parachutes for themselves don't have much credibility in negotiating union concessions - although the union leaders' greedy and cognitive dissonance regarding their obsolesence is the root cause.