Monday, October 10, 2005

Delphi files for bankruptcy

EW YORK (CNN/Money) - Auto parts maker Delphi said Saturday it filed for bankruptcy after warning for months that a filing was in the cards.

Delphi is the largest U.S. auto parts maker. The company filed for Chapter 11 bankruptcy protection for itself and 38 U.S. units in the U.S. Bankruptcy Court in New York. Delphi's non-U.S. units were not included.

It is the biggest bankruptcy filing in U.S. automotive history and promises to have a broad impact across the industry. The Troy, Michigan-based company has struggled since it was spun off from former parent General Motors Corp. in 1999, posting net losses of $741 million in the first half of 2005 alone.

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