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Delphi, General Motors, UAW Are Close to Agreement, People Say

From Bloomberg| June 22,2007

Delphi Corp. and former parent General Motors Corp. are close to an agreement with the United Auto Workers union that would provide buyouts and job guarantees in exchange for plant closings at the bankrupt auto-parts supplier, people with knowledge of the negotiations said.

UAW officials have summoned union plant leaders to Detroit for a briefing tomorrow, the people said.

A deal at Delphi, GM's largest supplier of parts, would avoid a potential strike that might shut down GM's factories as it tries to end losses. The agreement would also pave the way for Delphi's emergence from bankruptcy by the end of the year.

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