Delphi in bankruptcy, Ford and Chrysler on the ropes, tens of thousands of lost jobs in the auto industry.... and the UAW refuses to negotiate NEW HIRE wages and benefits with the company offering to buy Delphi. And they wonder why they have no jobs and declining membership. What a bunch of morons!!! Uhhh, take your pick - reduced wages or NO wages, duh!
Report: Delphi's would-be investors, UAW at stalemate in wage talks
The Detroit News
A standstill between the United Auto Workers and the investor group hoping to acquire bankrupt Delphi Corp. could jeopardize the $3.4 billion deal, the Wall Street Journal reported today.
The Journal, citing unnamed sources, said the UAW is refusing demands by the lead investor, Cerberus Capital Management, to cut future wages and benefits for new hires.
The private equity group has recently expressed concerns to the UAW, Delphi and former Delphi parent General Motors Corp. about Delphi's future profitability when escalation terms kick in on workers' pay -- particularly in light of slowing truck and SUV sales.
"The talks are not dead, but certainly are on the ropes," according to a Journal quote of a person familiar with the negotiations.
Delphi filed for Chapter 11 protection from creditors in October 2005.
Report: Delphi's would-be investors, UAW at stalemate in wage talks
The Detroit News
A standstill between the United Auto Workers and the investor group hoping to acquire bankrupt Delphi Corp. could jeopardize the $3.4 billion deal, the Wall Street Journal reported today.
The Journal, citing unnamed sources, said the UAW is refusing demands by the lead investor, Cerberus Capital Management, to cut future wages and benefits for new hires.
The private equity group has recently expressed concerns to the UAW, Delphi and former Delphi parent General Motors Corp. about Delphi's future profitability when escalation terms kick in on workers' pay -- particularly in light of slowing truck and SUV sales.
"The talks are not dead, but certainly are on the ropes," according to a Journal quote of a person familiar with the negotiations.
Delphi filed for Chapter 11 protection from creditors in October 2005.
