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Biggest Bankruptcy - USA - Black October
How one month changed the course of the auto industryDetroit,Mich,USA -The Detroit News, by Bill Vlasic and Brett Clanton -Nov 13, 2005: -- The board meeting convened on Sunday, Oct. 2, high above Times Square in the landmark Conde Nast skyscraper in midtown Manhattan... The 10 directors of auto parts giant Delphi Corp. had exactly one item on their agenda -- whether to pull the trigger on the biggest industrial bankruptcy in American history... For six hours, Delphi Chairman Robert S. "Steve" Miller and his staff ran through the litany of Delphi's woes: mounting losses, unsustainable payrolls, jittery suppliers and the declining fortunes of its largest customer, General Motors Corp... There was only one way to avoid a Chapter 11 filing, Miller said, and that was to persuade GM and the United Auto Workers to rescue Delphi from financial ruin... Five days later, Delphi got its answer. There would be no bailout from GM and no dramatic concessions from the UAW... And when Delphi went bankrupt on Oct. 8, the course of the U.S. automotive industry was altered forever...
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