Delphi reports 12,600 preliminary retirement option acceptances under employee buyout plan

By Caroline Salls

Pittsburgh, June 26 - Delphi Corp. said about 12,600 UAW-represented employees have elected one of the retirement options available under the UAW-GM-Delphi employee buyout plan.

According to a company news release, the results are preliminary, as employees who signed up within the last seven days may still revoke their decision.

"We are pleased with the strong employee interest in the attrition plan," Delphi corporate affairs manager Lindsey Williams said in the release.

"Implementation of this plan, along with the supplemental UAW-GM-Delphi hourly attrition plan, are important steps in enabling Delphi to transform its workforce to a competitive labor cost structure, by accelerating necessary attrition and reducing employee concerns over the impact of a negotiated consensual resolution."

Williams said in the release that the company expects more employees to select options available under the supplemental buyout plan, pending court approval.

Delphi, a Troy, Mich.-based automotive electronics manufacturer, filed for bankruptcy on Oct. 8, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-44481.

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