Exhaust Maker Exasperated by Delphi's Chapter 11
Former GM subdivision Delphi filed for bankruptcy on October 8, 2005. Despite potential deals with a number of financially well-endowed suitors (including Chrysler's eventual buyer), there they remain. Still bankrupt. Still making parts. The CEO of one of Delphi's partners in the global exhaust biz is none-too-happy with this state of affairs. In an interview with Just-auto.com [full interview by sub], Borsal boss Bos slammed U.S. Chapter 11 rules, claiming that firms emerge from bankruptcy protection with an "artificially low asset base." The exec of the family-run firm says the post-bankruptcy company can then offer products at lower price than companies that have been run responsibly. "I feel that it is grossly unreasonable and unfair." Bos proclaimed. Yes, well, Delphi ain't out of Chapter 11 yet.
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