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Fears - USA - Delphi may eat into GM's reserves
No bankruptcy ahead, carmaker's CEO says
Chicago,IL,USA -The Chicago Tribune/Bloomberg -Nov 18, 2005: -- General Motors Corp. might use up most of its $19.2 billion in cash reserves in the event of a protracted strike at Delphi Corp., its largest auto-parts supplier, analysts said... United Auto Workers President Ron Gettelfinger said Wednesday that Delphi Chief Executive Steve Miller doesn't appear to want to negotiate over Miller's demands for job and wage cuts, raising chances of a strike next year... A three-month UAW strike at Delphi could bankrupt GM, Sanford C. Bernstein analyst Brian Johnson wrote in a report... The bigger risk to GM right now is an unauthorized strike at a single Delphi plant, JPMorgan analyst Himanshu Patel wrote in a report... "Delphi is a problem, bankruptcy concerns are not," Patel said. "We acknowledge that a potential strike at Delphi represents a clear risk, and may weigh on the stock through January. We are less concerned about a potential bankruptcy at GM"... "The last UAW strike against GM was in 1998. It forced the closing of 26 of the automaker's 29 North American assembly plants.
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