Delphi revising UAW proposal -WSJ
NEW YORK, Dec 11 (Reuters) - The chief executive of Delphi
Corp. is putting together a new contract proposal to
present to the United Auto Workers union, according to an
interview he gave to The Wall Street Journal.
The bankrupt auto parts maker and the union have had no
formal negotiations since Delphi submitted a modified wage and
benefit cutting plan to the UAW in mid-November.
Delphi's Chairman and CEO Robert "Steve" Miller is also
willing to change a proposed compensation plan that would set
aside $519 million in cash bonuses, severance packages and
future stock for about 600 executives and other key employees,
according to Saturday's edition of the newspaper.
Miller gave no details of any new proposals but told the
Wall Street Journal that he is "starting with a whole-cloth new
deal, a new solution."
A top UAW negotiator said late last week that a strike
appears more likely than not under the current circumstances. A
strike could quickly disrupt U.S. operations at Delphi and
cripple production at General Motors Corp. , the
company's largest customer and former parent.
Delphi failed to reach accords with its unions before
filing the biggest bankruptcy in U.S. automotive history in
October. It has said it must slash wages and benefits of its
U.S. hourly workers and cut some manufacturing operations.
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