Post Number: 108
|Posted on Tuesday, May 08, 2007 - 9:50 pm: || |
May 7, 2007
"Breaking News! Bankruptcy Judge Rewards Delphi Execs For Being Bankrupt"
Somehow we don't think this is going to make things any easier during union negotiations. A federal bankruptcy court approved today a multi-million dollar bonus plan for Delphi senior executives. That's right -- the court decided 467 executives of a bankrupt auto supplier needed bonuses -- as long as they achieve earnings targets in the second half of the year. This is after they approved similar bonuses for the same executives for hitting performance goals in the first half of this year. Those bonuses were estimated at around $38 million.
So -- two questions. Is keeping your job when you've sent your company down the crapper no longer the incentive folks need, and where's the similar bonus plan for the blue-collar workers? Oh wait, Delphi's cut most of those jobs. By the way -- anyone want to send us a copy of that list of 467 execs -- just send it over to email@example.com.
Court approves bonuses for Delphi execs [Detroit News]
"Delphi reports $533M 1Q loss"
Business First of Columbus - 2:25 PM EDT Monday, May 7, 2007
Delphi Corp.'s loss widened during the first quarter as revenue slid 4 percent.
The struggling auto-parts supplier said Monday its quarterly loss reached $533 million, or 95 cents a share, compared with a loss of $363 million, or 65 cents a share, in the same quarter last year.
Revenue for the period ended March 31 stood at $6.7 billion, down from $7 billion in the first quarter of 2006.
The company attributed the quarterly decline to what it called its non-competitive U.S. cost structure. Delphi, which filed for bankruptcy protection in October 2005, has been shedding labor costs through buyouts and early retirement offers.
The company is considering closing or selling several plants, including one in west Columbus where it employed around 380 as of Jan. 31.
Delphi (OTCBB:DPHIQ) reiterated its expectation to emerge from bankruptcy later this year.
(But, but, if we didn't pay bonuses we wouldn't be able to attract and retain world-class executives...)
Post Number: 3170
|Posted on Tuesday, May 08, 2007 - 9:58 pm: || |
That was breaking news yesterday afternoon...
(Message edited by Livernoisyard on May 08, 2007)