General Motors is crying foul over former subsidiary Delphi’s request to use a bankruptcy court to void supply contracts with the automaker. In March, the bankrupt auto parts maker filed a request with a New York court to terminate about 5,000 supply contracts that it deemed unprofitable. In its objection Monday, GM complained that Delphi was using the bankruptcy court “as a coercive hold-up device.” Delphi is seeking to use the bankruptcy process to cut wage and benefit rates by more than 60 percent.
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Posted on Wednesday, June 7th, 2006. Filed under: Employment, Law Misc
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General Motors is crying foul over former subsidiary Delphi’s request to use a bankruptcy court to void supply contracts with the automaker. In March, the bankrupt auto parts maker filed a request with a New York court to terminate about 5,000 supply contracts that it deemed unprofitable. In its objection Monday, GM complained that Delphi was using the bankruptcy court “as a coercive hold-up device.” Delphi is seeking to use the bankruptcy process to cut wage and benefit rates by more than 60 percent.
Popularity: 1% [?]
Posted on Wednesday, June 7th, 2006. Filed under: Business Law, Law Misc
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