Sunday, May 14, 2006

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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May 12, 2006 - 12:07 p.m. EST

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