And no, we don't mean Delphi wants the federal judge to screw the UAW in the back seat of a Chevy Aveo. Rather, Delphi today in a New York courtroom done dropped the equivalent of a steel gauntlet to the floor, basically daring the UAW to ready the dogs of war. And that's totally what the UAW's likely to do after Delphi asked for a federal decree allowing them to void their union contracts if the bankrupt supplier can't reach an agreement with the union to cut jobs and slash wages. So yeah, that's kinda huge — but just as huge is hearing what GM CEO Rick Wagoner has to say about the Delphi "situation":
"We need to try to get a resolution of the Delphi deal, which I think is a big point overhanging on the stock price and outlook on the company,"
It's nice to see Wagoner noting it's a "big point" facing the General. Cause ya know, it's actually like the biggest issue — especially considering Wagoner himself says GM had stockpiled parts only able to cover "a matter of days, not months." It'll be kinda hard for them to engineer a turn-around if they can't sell cars.
The GM Oracle: Delphi's Bankruptcy Hearing Begins! [internal]