In yet another wrinkle in the bankrupt Delphi Corporation?s clash with the United Automobile Workers union, an agreement between the two disputants has become a prerequisite for a deal that could help the auto parts manufacturer escape from bankruptcy. A group of private equity firms led by Appaloosa Management and Cerberus Capital has offered to invest billions of dollars in Delphi if the manufacturer can reach an agreement with UAW; chances for a settlement, however, still seem bleak.
See "Offer to Invest in Delphi Adds to Pressure on Union", Micheline Maynard, The New York Times, December 18, 2006