By David Barkholz.
Detroit, Michigan -- Delphi Corp.'s operating loss in July widened to $321 million as a result of a two-week seasonal shutdown by its customers for model changeovers.
The bankrupt automotive supplier posted an operating loss of $290 million in June, excluding a charge of approximately $1560 million for the cost of an employee buyout and early retirement program.
The Michigan-based company must report its results monthly as part of its Chapter 11 bankruptcy restructuring.
Revenue plunged to $894 million in July compared to approximately $1630 million in June.
Including charges for retirements and buyouts, Delphi's net loss in July was $534 million.
Since Delphi began a General Motors-subsidised buyout this year, almost 20 000 workers have left.
The supplier has asked the US Bankruptcy Court in New York to cancel its labour agreements as part of its restructuring effort, with unions threatening to strike if that happens.
A hearing on Delphi's request is scheduled for 18 Sep.
From Automotive News (A Crain publication)"