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Bankruptcy - USA - Delphi's economic toll: $10 billion
Analyst predicts huge costs nationally, lays out dire state scenario including $390 million tax hit, big job losses
Detroit,Mich,USA -The Detroit News, by Louis Aguilar -1 Nov 2005: -- Delphi Corp.'s bankruptcy will be the biggest hit to Michigan's economy in decades, resulting in thousands of job losses, deep wage cuts and millions in lost tax revenues for state coffers, according to a study released Monday... But the economic impact will extend well beyond Michigan as Delphi restructures its U.S. and Canadian operations..... Even in the best-case scenario, workers, retirees, other suppliers and automakers will lose at least $10 billion in wages, benefits and profits by the time Delphi reorganizes in 2007, according to the study by the Anderson Economic Group in East Lansing...
posted by Unknown @ 5:21 PM
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