Bankruptcy UAW
Delphi Corp edged closer to bankruptcy Friday as neither the United Auto Workers union nor General Motors Corp appeared willing to bail out the struggling parts supplier, which is seeking drastic cuts in pay and benefits from workers. Reports circulated on Wall Street that a bankruptcy filing could come as early as Saturday. Delphi would not comment, but the reports sent the company’s shares down 49 percent Friday to a new low of $1.12 in New York Stock Exchange trading.