Delphi is poised to file for bankruptcy protection after talks between the company and its union over possible concessions have stalled. Delphi has asked its largest union, the United Auto Workers, to agree to wages as low as $10 an hour, among a raft of steep cuts to health and pension benefits. At those wages, most workers' pay would be cut by more than half. The union is not expected to accept the proposals.
See "Labor Talks Stall; Delphi Said to Be Poised for Bankruptcy", Danny Hakim and Jeremy W. Peters, The New York Times, October 6, 2005