WHAT’S NEW: Auto parts supplier Delphi Corp. asked a bankruptcy court judge on Friday to void its labor agreements.
RIPPLE EFFECTS: The United Auto Workers warned “it will be impossible to avoid a long strike” if the judge agrees to void the contracts, which could put General Motors Corp. close to bankruptcy and hurt other automakers and smaller suppliers as well.
WHAT’S NEXT: The judge has scheduled a hearing on Delphi’s request for May 9-10 and won’t decide whether to void the contracts until after that hearing.
WHAT ELSE? Delphi wants to cut 8,500 salaried jobs and close or sell 21 of 29 plants in the U.S.
By The Associated Press