Ailing Delphi tells suppliers business is normal for now
Oct 10, 2005 | 11:04 AM
| Philip Burgert
The long-term outlook for auto parts supplier Delphi Corp. is unclear after the company pledged to cut operations in the wake of a weekend Chapter 11 bankruptcy filing, but executives told their own suppliers that business is continuing.
Delphi is the largest U.S.-based automotive parts supplier, purchasing steel worth an estimated $1 billion or more per year.
Executives of the Troy, Mich.,-based company said in a letter to U.S. suppliers after the Saturday filing in U.S. Bankruptcy Court for the Southern District of New York in Manhattan that the company is not going out of business and will continue to purchase and pay for goods and services "in the normal course of business." Non-U.S. suppliers were told that the company's non-U.S. subsidiaries were....
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