Delphi to Delay Filing 1Q Results
Delphi to Delay Filing 1Q Results
DETROIT — Auto parts supplier Delphi Corp. said it won't be able to file its first-quarter financial report on time because it needs more information on the potential outcome of wage talks with its unions and General Motors Corp.
Delphi also failed to file a 2005 annual report with the U.S. Securities and Exchange Commission because of the ongoing talks. In a report to the SEC filed late Thursday, Delphi said it will file its quarterly report once it completes the annual report.
Delphi, which filed for bankruptcy protection in October, is required to file monthly financial statements with the U.S. Bankruptcy Court. In its most recent filing, the company said it lost $1.6 billion on $9.1 billion in sales for the period from Oct. 8 to March 31.
Delphi was in bankruptcy court this week asking the judge for permission to cancel its labor contracts. It is in talks with GM, its former parent and largest customer, and its unions and hopes to reach an agreement to lower U.S. hourly workers' wages.
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On the Net:
Delphi Corp., http://www.delphi.com
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May 12, 2006 - 12:07 p.m. EST
Copyright 2006, The Associated Press. The information contained in the AP Online news report may not be published, broadcast or redistributed without the prior written authority of The Associated Press.
DETROIT — Auto parts supplier Delphi Corp. said it won't be able to file its first-quarter financial report on time because it needs more information on the potential outcome of wage talks with its unions and General Motors Corp.
Delphi also failed to file a 2005 annual report with the U.S. Securities and Exchange Commission because of the ongoing talks. In a report to the SEC filed late Thursday, Delphi said it will file its quarterly report once it completes the annual report.
Delphi, which filed for bankruptcy protection in October, is required to file monthly financial statements with the U.S. Bankruptcy Court. In its most recent filing, the company said it lost $1.6 billion on $9.1 billion in sales for the period from Oct. 8 to March 31.
Delphi was in bankruptcy court this week asking the judge for permission to cancel its labor contracts. It is in talks with GM, its former parent and largest customer, and its unions and hopes to reach an agreement to lower U.S. hourly workers' wages.
___
On the Net:
Delphi Corp., http://www.delphi.com
___
May 12, 2006 - 12:07 p.m. EST
Copyright 2006, The Associated Press. The information contained in the AP Online news report may not be published, broadcast or redistributed without the prior written authority of The Associated Press.
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