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Delphi in cash crisis
Page 19
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COMPONENT SUPPLY giant Delphi has filed for Chapter 11 bankruptcy protection.
The General Motors subsidiary, based in Troy. Michigan, employs 185.(XX) people worldwide and has been making inroads into the European CV business, primarily through the supply of diesel injector components and common-rail technology.
Delphi's has debts of S22bn against assets of $ I 7bn.
Chapter 1 I allows a company to attempt to trade its way out of difficulties; CEO Steve Miller has a !_rood record in this area.
But in the short term there are concerns over continuity of supply to OEM customers. Iveco has close links with Delphi; the two companies have collaborated over the development of various Driver Assistance Systems (DAS).
At last year's IAA Show in Hanover, Daily and Stralis products were shown with headway alert, pre-crash warning, night vision, back-up aid, side alert, lane departure warning and driverstate monitoring.
As DAS becomes increasingly popular lveco must be watching developments with some concern.