Tuesday, August 15, 2006

Delphi Records $2,600,000,000 First Half Loss

August 15, 2006

Delphi, the brand name behind some XM satellite Radio hardware recorded losses of 2.6 billion dollas for the first half of 2006.

The company reported that most of the loss was attributable to the cost of employee buyout and early retirement packages that are key to the company's bankruptcy reorganization.

Article Excerpt:

DETROIT (AP) -- By Sarah Karush, Associated Press Writer

Delphi Corp., the nation's largest auto supplier, said Tuesday it lost $2.6 billion in the first half of 2006, due largely to the cost of employee buyout and early retirement packages that are key to the company's bankruptcy reorganization.

The loss was more than three times the $741 million that Delphi lost in the first half of 2005.
The company, which filed for Chapter 11 bankruptcy protection in October, said revenues increased slightly to $14.0 billion from $13.9 billion last year.

Interested SSG readers can catch the whole article HERE