October 24, 200618 yr Author Both from the 10/19/06 Detroit News: Delphi bankruptcy fees approach $100M By David Shepardson The Detroit News Thursday, October 19, 2006 WASHINGTON — A federal bankruptcy judge will decide next month whether to approve another $58 million in legal, accounting and consulting fees at Delphi, which filed for bankruptcy protection a year ago. In total, Delphi's two dozen law firms, accountants and consultants have billed for about $97 million through May 31, according to the most recent filings in U.S. Bankruptcy Court in New York. The latest batch of bills run from February through May. In the first round of bills filed in March, April and May, lawyers, consultants and accounting firms billed Delphi about $39 million. Those were approved by U.S. Bankruptcy Judge Robert Drain. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2006/10/18/ddn101906delphilegal.html Ex-Delphi execs likely to face fraud charges SEC expected to file civil charges against up to a dozen former executives following a 27-month probe. By David Shepardson The Detroit News Thursday, October 19, 2006 WASHINGTON — The Securities and Exchange Commission is expected to file civil fraud charges this month against up to a dozen former Delphi Corp. executives following a 27-month investigation into accounting fraud at the bankrupt auto supplier, people familiar with the situation said. Among those expected to face civil charges are John Blahnik, the former Delphi vice president of treasury, mergers and acquisitions; Laura Marion, who had served as director of financial accounting and reporting; and Paul R. Free, former chief accounting officer, the sources said. The SEC also is expected to file civil charges against several officials at other companies involved in improper transactions with Delphi, The Detroit News has learned. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2006/10/18/ddn101906delphifraud.html
October 24, 200618 yr Author From the 10/19/06 Warren Tribune Chronicle: Delphi case back in N.Y. By LARRY RINGLER Tribune Chronicle WARREN — Union bargainers representing Delphi Packard Electric workers are counting on Bankruptcy Judge Robert Drain getting a better report today on progress toward keeping local plants running. ‘‘I’m sure our people will inform him’’ of agreements reached last week between International Union of Electrical Workers-Communications Workers of America Local 717 and Delphi Packard, Shop Chairman Don Arbogast said. ‘‘That’s the way it’s supposed to be.’’ Lawyers for bankrupt auto parts maker Delphi Corp., unions and other key parties are scheduled to update Drain at a chambers conference at 2 p.m. today in federal bankruptcy court in Lower Manhattan. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=10121
October 24, 200618 yr Author From the 10/20/06 Warren Tribune Chronicle: Delphi reports progress By LARRY RINGLER Tribune Chronicle NEW YORK CITY — The idea of shifting Delphi Packard Electric’s Warren plants to noncore status wasn’t mentioned Thursday in a chamber’s conference in a lower Manhattan Bankruptcy Court. ‘‘The report the company made to the court is they felt there has been substantial progress,’’ International Union of Electrical Workers-Communication Workers of America attorney Tom Kennedy said. ‘‘There is still quite a few difficult issues, but there was no repeat of discussions about putting Warren into noncore status. We are pleased with that,’’ he said. The update for Judge Robert Drain was the first since IUE-CWA Local 717 and Delphi Packard agreed last week on a number of issues to help keep the Warren plants running as several thousand workers retire or leave. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=10161
October 24, 200618 yr Author From the AP, 10/21/06: Lawyers for Delphi and union say talks are progressing New Nov. 8 deadline gives both sides more time, but 'issues' remain on plans to cut labor costs. By Tiffany Kary Associated Press Saturday, October 21, 2006 NEW YORK — Lawyers for Delphi Corp. and one of its unions said Thursday that talks toward an overall framework for a bankruptcy reorganization plan are progressing, and that a new Nov. 8 deadline will give them more time to find a way to avoid a confrontation. Jack Butler, a lawyer for Delphi, said U.S. Bankruptcy Judge Robert Drain gave Delphi until Nov. 8 to continue negotiations with its unions on proposals to cut labor costs. By Nov. 6, Delphi must notify the judge whether it wants to negotiate further or resume a court fight over its proposal to scuttle union contracts. The deadline extension for negotiations covers both Delphi's labor talks and the company's bid to alter the terms of more than 5,000 contracts to supply parts to General Motors Corp., its biggest customer. Delphi has said it has lost billions because of those contracts and has sought court permission to scrap them. Tom Kennedy, an attorney representing Delphi's second largest union, the IUE-CWA, said there has been "substantial progress" on Delphi's labor negotiations but there are "still issues." He said that a Warren, Ohio, plant that previously had been a sticking point wasn't discussed at the closed-door meeting with Drain Thursday. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2006/10/21/ddn102106delphiunions.html
October 24, 200618 yr Author From the 10/22/06 Warren Tribune Chronicle: Ex-Delphi worker left early to find himself another job By LARRY RINGLER Tribune Chronicle Vince Carkido recalls the day he realized his time as a Delphi Packard Electric worker was over. ‘‘When they made the announcement in June they were cutting the work force (to 1,033 from 3,800). I knew they meant business, and I started looking for another job,’’ the Girard resident said of Delphi’s job cuts announced June 26. Carkido, a divorced father with joint custody of two daughters and a mortgage payment, is still looking. Jobs, he’s discovering, are hard to come by for someone accustomed to making nearly $25 an hour. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=10264
October 24, 200618 yr Author From the 10/24/06 Warren Tribune Chronicle: Delphi suitors line up By LARRY RINGLER Tribune Chronicle WARREN –– Everyone, it seems, wants to get into the act. Bidding for bankrupt auto parts maker Delphi Corp., that is. Ripplewood Holdings LLC is the latest investor group reportedly to show interest in a piece, or maybe all, of the parent of Warren’s Delphi Packard Electric, which still employs a few thousand hourly and salaried local workers, even after retirements and buyouts. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=10345
October 25, 200618 yr Wow the worst thing a person could do is using the money for a business. That's just stupid. You should use someone elses money, like the bank. ;)
October 28, 200618 yr Author From the 10/14/06 Lima News: Should I stay or should I go BY BART MILLS - Oct. 14, 2006 LIMA — $100,000 sounds like a lot of money. For most of us it’s a house, a couple of cars, or college for the kids. It may even be enough to change your life. But for many of the roughly 1,000 hourly workers at Ford Motor Co. Lima Engine Plant Friday, the question was, is $100,000 enough? “It’s a very, very hard decision,” said Paula Garee as she prepared for second shift Friday. “It sounds like a lot of money, I know that. But it’s really not because that’s the rest of your life.” more at: http://www.limanews.com/story.php?IDnum=30966
October 28, 200618 yr Author From the 10/22/06 Lima News: Job One makes three more BY TIM RAUSCH - Oct. 22, 2006 LIMA — When the workers were getting a new engine line ready in Lima, the union called it Job One. One job at the Lima Ford Engine Plant, creates three more in the community. And every dollar paid to Ford workers spins off into $3 of benefit to the local economy. "We’re very fortunate to have them here," said Jerry Good, vice president of Allen Economic Development Group, whose economic impact software measured Ford’s impact to Lima. The estimated $63.7 million annual payroll at the plant makes an annual economic splash of $197.6 million to the Lima community, according to Good’s calculations. "For a combined impact on the community, they create about 4,909 jobs," Good said. "That’s impressive. That shows you they’re rolling over. For this kind of a company, that’s a multiplier of greater than four." Economic development impacts are measured in three levels, the direct jobs and income, the indirect supply-side jobs and income, and the induced benefits of broader consumption of people with those direct and indirect jobs.... http://www.limanews.com/story.php?IDnum=31247
October 28, 200618 yr Author From the 10/24/06 DDN: Despite worst quarter in 14 years, Ford optimistic better days ahead Part of the red ink flowed from the cost of closing 16 plants and eliminating the jobs of 45,000 workers. By John Nolan Staff Writer Tuesday, October 24, 2006 Ford Motor Co., reflecting the struggles of domestic automakers trying to get back to being profitable, said Monday it lost $5.8 billion in the third quarter, or $3.08 per share. That was the No. 2 automaker's biggest quarterly loss in 14 years, and included expenses of restructuring that involves closing 16 plants and cutting up to 45,000 jobs. It compared with a loss of $284 million, or 15 cents per year, in the third quarter last year. Ford's stock (NYSE:F) closed down 11 cents at $7.90 Monday... Contact this reporter at (937) 225-2242 or [email protected]. http://www.daytondailynews.com/n/content/oh/story/news/business/2006/10/23/ddn102406ford.html
November 1, 200618 yr Article published November 1, 2006 Ford gets $15.7 million incentive package to save Maumee stamping plant[/b] BLADE STAFF A $15.7 million incentive package delivered to Ford Motor Co. this afternoon includes an offer from the Toledo-Lucas County Port Authority to purchase the automotive giant’s Maumee stamping plant and lease it back to the company. The offer is the centerpiece of a plan concocted by Maumee, Lucas County, and state government officials, the port authority, and the UAW Local 1892 to prevent Ford from closing its Maumee stamping plant in 2008. The entire package was sent electronically from the Ohio Department of Development to Ford officials this afternoon. The port authority is offering to buy the stamping plant for 50 percent of its appraised value and require Ford to provide a buyer for the bonds to be issued by the port authority to finance the sale... http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20061101/BREAKINGNEWS/61101016
November 9, 200618 yr Author From the 10/26/06 Warren Tribune Chronicle: Company ‘right on track’ By LARRY RINGLER Tribune Chronicle A steady flow of new vehicles, focus on quality and closer ties with workers all add up to a General Motors Corp. turnaround that’s on schedule, local union leaders and an auto dealer indicated Wednesday. The question is if the company’s stock is ahead of the schedule. ‘‘Initially, we said it would take about two years. It’s been a year. They’re on the right track,’’ United Auto Workers Local 1112 President Jim Graham said after the area’s largest manufacturer reported a lower-than-expected loss of $115 million for its third quarter. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=10415
November 9, 200618 yr Author From the AP, 10/28/06: Civil fraud claims OK'd against two former Delphi execs SEC voted to approve deal in which auto-parts maker would settle charges of accounting improprieties Associated Press Saturday, October 28, 2006 The Securities and Exchange Commission has approved the filing of civil fraud claims against the former chief executive of auto-parts maker Delphi Corp. and against its former chief financial officer in connection with accounting improprieties, according to people familiar with the matter, The Wall Street Journal reported Thursday. The SEC's five-member commission voted unanimously on Wednesday to approve a settlement with Delphi, in which the auto-parts maker would settle allegations of accounting improprieties that resulted in a multiyear restatement of earnings, the newspaper said on its Web site. The company, which is in bankruptcy court protection, won't be subject to a penalty, these people said. Delphi spokeswoman Claudia Piccinin declined to comment, except to say "Delphi has been cooperating with the SEC investigation." ... http://www.daytondailynews.com/n/content/oh/story/news/business/2006/10/27/ddn102806delphi.html
November 9, 200618 yr Author From the 10/31/06 Warren Tribune Chronicle: Ex-Delphi executive charged By staff, wire reports WASHINGTON — The Securities and Exchange Commission said Monday it had settled charges of accounting fraud against Delphi Corp. and six people, including the auto supplier’s former chief financial officer, in a scheme to hide the poor conditions of the company’s finances The SEC, in a filing in federal court in Detroit, charged former Delphi Chief Executive J.T. Battenberg and others with participating in or aiding and abetting the company’s fraud. Delphi, the nation’s largest auto supplier, filed for bankruptcy protection in October 2005. Resolving the SEC investigation could help the company move closer to emergence from bankruptcy next year. ... AP Business Writer Marcy Gordon in Washington contributed to this report http://tribune-chronicle.com/articles.asp?articleID=10644
November 9, 200618 yr Author Both from the 11/1/06 Warren Tribune Chronicle: Delphi reports losses By The Tribune Chronicle Delphi Corp. lost $673 million in September, the bankrupt auto parts maker reported Tuesday in a monthly report filed in federal bankruptcy court. The parent of Warren-based Delphi Packard Electric said it lost $4.38 billion through the first nine months of the year. General Motors Corp., Delphi’s former parent and still largest customer, accounted for $803 million of the company’s $1.37 billion sales for September. GM spun off Delphi in 1999. ... http://tribune-chronicle.com/articles.asp?articleID=10694 Ryan: Delphi workers eligible for benefits By The Tribune Chronicle WASHINGTON — Congressman Timothy J. Ryan, D-Niles, said that the Department of Labor notified him Friday evening that more than 3,000 area workers who took buyouts from Delphi Corp. will be eligible to apply for benefits under the federal Trade Adjustment Assistance program. Until now, it was uncertain whether those workers who took buyouts would be considered to have left their jobs voluntarily, thus making them ineligible for federal benefits. Ryan and Rep. Mike Turner, R-Dayton, wrote a letter in July to Secretary of Labor, Elaine Chao, urging her to do everything in her power to see that the workers would be eligible for TAA and other assistance. ... http://tribune-chronicle.com/articles.asp?articleID=10801
November 9, 200618 yr Author From the AP, 11/8/06: Loans allow GM to reduce 3rd quarter loss by $24M By David N. Goodman Associated Press Wednesday, November 08, 2006 DETROIT — When General Motors Corp. reported its third-quarter earnings in October, it didn't know about $24 million worth of loans made by its finance arm. So on Tuesday, the company reduced its third-quarter net loss to $91 million, or 16 cents per share. GM reported a $115 million loss on Oct. 25, but that was before it found out about the loans made by the General Motors Acceptance Corp., GM said in a filing Tuesday with the federal Securities and Exchange Commission. GM also said in the filing that it expects to take a $200 million after-tax charge in the fourth quarter for severance packages for about 2,000 workers at two component plants that will be closed. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2006/11/08/ddn110806gmrevision.html
November 11, 200618 yr Article published November 11, 2006 Ford nixes bid to keep Maumee plant open Incentives-based package rejected By JOE VARDON BLADE STAFF WRITER Ford Motor Co. has rejected the city of Maumee and its stamping plant yet again, this time turning down a collaborative, incentives-based package intended to save the Illinois Avenue plant from closing in 2008. Joe Hinrichs, Ford's vice president of manufacturing for North American operations, said yesterday in a telephone interview with The Blade that he informed Ohio Gov. Bob Taft during a meeting earlier this week of the company's decision. Maumee officials worked with Lucas County and state government representatives as well as the Toledo-Lucas County Port Authority and UAW Local 1892 on a $15.7 million incentive package... Contact Joe Vardon at: [email protected] or 419-410-5055. http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20061111/NEWS18/611110417/-1/NEWS
November 26, 200618 yr Author From Business First of Columbus, 11/6/06: Ford exec touts turnaround plan Business First of Columbus - November 6, 2006 by Saleha N. Ghani Business First A Ford Motor Co. official visiting Columbus Monday said the automaker is focusing on changing trends in vehicle design and cost-cutting measures to return to profitability. State officials were also expected to meet with the executive to discuss incentives to keep a Ford plant in the Toledo area. Joseph Hinrichs, vice president of North American manufacturing for Ford, said the company has to be prosperous before it can support its approximately 300,000 employees, including 11,200 at nine manufacturing facilities in Ohio... http://www.bizjournals.com/columbus/stories/2006/11/06/daily6.html?from_rss=1
November 26, 200618 yr Author From the 11/24/06 Detroit Free Press: Time almost up on Ford's buyout offer Deadline midnight Monday; automaker aims to cut 30,000 hourly jobs By Katie Merx Detroit Free Press DETROIT - The clock is ticking for UAW workers at Ford Motor Co. to decide whether they will take one of the buyouts the company is offering as part of its plan to scale back and stop its losses. Workers who are eligible for a buyout but haven't yet made up their minds -- or turned in their paperwork -- have until midnight Monday to deliver papers to their plants' labor relations offices. After that, the window will close. Dearborn, Mich.-based Ford lost $7 billion in the three quarters of the year and plans to eliminate 30,000 hourly and 14,000 salaried jobs by 2008. The effort will reduce by one-third the company's North American workforce and is part of its plan to show a profit by 2009. The company hopes that enough workers will choose to leave so that it can avoid layoffs... http://www.ohio.com/mld/ohio/business/16087940.htm?source=rss&channel=ohio_business
November 29, 200618 yr Author From the AP, 11/10/06: Delphi gains time to settle labor issues By Tiffany Kary Dow Jones/Associated Press Friday, November 10, 2006 NEW YORK — Delphi Corp. won more time to continue negotiations with its unions, creditors and other parties that might allow the company to cut labor costs without triggering a strike, a lawyer for the company said Wednesday. At Delphi's request, Judge Robert Drain of the U.S. Bankruptcy Court in Manhattan gave the company until Nov. 17 to try to work out a deal, Delphi attorney Jack Butler said. He spoke after a closed-door meeting between Drain and other lawyers for Delphi, its unions and creditors. The parties are scheduled to meet Nov. 17 for another status conference and the judge will decide whether or not to continue the adjournment of hearings on the matter, Delphi spokesman Lindsey Williams said. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2006/11/09/ddn111006delphi.html
November 29, 200618 yr Author From the 11/18/06 DDN: Delphi asks judge for extension on ruling for its labor contracts Company lawyers say extension needed to allow more time for negotiations with union, creditors. Dayton Daily News Saturday, November 18, 2006 NEW YORK — — Delphi Corp. asked a federal bankruptcy judge on Friday to postpone until as late as Jan. 31, 2007, any ruling on whether to allow the auto parts supplier to cancel its contracts with its labor unions. That extension also would apply to Delphi's request for court permission to allow the company to get out of money-losing parts supply contracts it has with General Motors Corp., its biggest customer. Lawyers for Delphi told U.S. Bankruptcy Judge Robert D. Drain the extension is needed to allow more time for the ongoing negotiations with the unions, Delphi's creditors and GM, Delphi's former owner. The parties are making progress, Delphi spokesman Lindsey Williams said. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2006/11/17/ddn111806delphi.html
November 29, 200618 yr Author From the 11/19/06 Warren Tribune Chronicle: Delphi pact ruling delayed again By LARRY RINGLER Tribune Chronicle The deadline was extended until Jan. 31, 2007, for a ruling on Delphi Corp.’s motions to reject its labor contracts and modify retiree benefits, a lawyer said after a close-door conference Friday. Previously, bankruptcy Judge Robert Drain was scheduled to issue a ruling Nov. 30, Tom Kennedy said following the session in Drain’s Lower Manhattan bankruptcy court. Kennedy, the lead attorney for the International Union of Electrical Workers-Communications Workers of America, which represents workers at Delphi Packard Electric in Warren, said another chambers conference is set for Nov. 30. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=11337
November 29, 200618 yr Author From the 11/23/06 DDN: Deal good news for temporary Delphi workers Delphi and UAW seal pact that gives permanent status to temporary workers. By Steve Bennish Staff Writer Thursday, November 23, 2006 DAYTON — Thousands of Delphi Corp. workers hired as temporary labor — including hundreds in the Dayton area — will become permanent under an agreement reached with the United Auto Workers union, Delphi said Wednesday. In Dayton, that covers up to 500 temporary employees, said Joe Buckley, president of UAW Local 696. "Everybody hired temporarily prior to Nov. 20 will become permanent," Buckley said. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2006/11/22/ddn112306delphilocal.html From same: Delphi-union pact on jobs sends good news for holidays By the Dayton Daily News Thursday, November 23, 2006 Thousands of temporary Delphi Corp. workers will become permanent workers for the parts maker under an agreement with the United Auto Workers union, Delphi confirmed Wednesday. In Dayton, that covers as many as 500 temporary workers, said Joe Buckley, president of UAW local 696. "There are 500 happy people in the plants today," he said. His union bretheren elsewhere expressed happiness as well. ... http://www.daytondailynews.com/n/content/oh/story/news/business/2006/11/22/ddn112306delphia1.html From the 11/23/06 Warren Tribune Chronicle: Warren to give Delphi incentive By the Tribune Chronicle WARREN — City Council is expected to introduce an ordinance at tonight’s meeting that will offer an incentive to anyone who wants to use buyout money to start a new business in Warren. The tax credit applies to the nearly 3,000 Delphi Packard Electric employees, as well as any other employee buyout program, who uses the money to start a small business between June 2006 and June 1, 2009. Councilman Robert Dean, D-at large, who sponsored the legislation, said he does not plan to ask for an emergency vote tonight, allowing the ordinance to go through the required three readings. ... http://tribune-chronicle.com/articles.asp?articleID=11453
November 29, 200618 yr Author From the 11/24/06 DDN: GM-Delphi talks keep going, but analysts expect to see a deal soon By John Nolan Staff Writer Friday, November 24, 2006 Delphi and its biggest customer, its former owner General Motors, must resolve Delphi's desire to get out of about 5,000 parts supply contracts with GM if Delphi is to work out this key issue in its bankruptcy reorganization case. Delphi says it has lost billions of dollars on these contracts and cannot continue doing so if it is to compete with other parts suppliers. A U.S. Bankruptcy judge has repeatedly given more time for Delphi to resolve this issue — along with reducing its labor costs — in ongoing talks with GM and Delphi's unions and creditors. Lawyers in the case are to update the judge Jan. 11 on the contracts dispute. Industry analysts said they expect Delphi and GM to reach a deal, sooner rather than later. Delphi, which put itself into court-supervised bankruptcy reorganization in October 2005, wants to emerge from that process in 2007 as a smaller, profitable company more focused on electronic components and other parts with higher profit margins. GM relies on a steady flow of Delphi parts for auto production. ... Contact this reporter at (937) 225-2242 or [email protected]. http://www.daytondailynews.com/n/content/oh/story/news/business/2006/11/23/ddn112406delphigm.html
November 29, 200618 yr Author From the 11/25/06 Warren Tribune Chronicle: Questions raised about Delphi case By The Tribune Chronicle Investigators into Delphi Corp.’s accounting fraud allegations are starting to question if the government should go ahead with a criminal case, a Detroit newspaper reported Friday. The Detroit News also said the Securities and Exchange Commission has taken the unusual step of delaying court action in the civil securities complaint charging nine former Delphi executives and four others with accounting fraud in a move apparently intended to allow more time to build a criminal case. Among the obstacles investigators face are none of the potential criminal defendants committed any personal fraud or directly profited from any misconduct, and it’s not clear how much Delphi’s board of directors knew about the questionable transactions. ... http://tribune-chronicle.com/articles.asp?articleID=11585
November 29, 200618 yr Author From Bloomberg, 11/28/06: Delphi soars on hopes claims will be mitigated By Steven Church Bloomberg News Service Delphi Corp. shares have climbed sevenfold this year because of speculation that the bankrupt auto-parts maker will limit billions of dollars in claims by former owner General Motors Corp., two consultants said. Appaloosa Management LP, a hedge fund, has become Delphi's biggest shareholder since the October 2005 bankruptcy filing. The shares, now trading around $2, might top $14 if Delphi were to succeed in shedding GM's claims entirely, bankruptcy lawyer David M. Powlen said Monday. "Appaloosa has bet that GM's claims are not legitimate,'' Shaun K. Donnellan, chief executive officer of New York-based turnaround company Glass & Associates, said at the Distressed Investing 2006 Conference. Delphi shares have climbed from 29 cents at the start of the year, the biggest gain among the five major U.S. auto-parts makers that have filed for bankruptcy since the start of 2005. The companies, including Dana Corp. and Dura Automotive Systems Inc., blamed rising raw-material costs and slowing production by GM and Ford Motor Co. ... http://www.ohio.com/mld/ohio/business/16113074.htm?source=rss&channel=ohio_business
November 30, 200618 yr 1,500 local Ford workers out BY MIKE BOYER | ENQUIRER STAFF WRITER November 30, 2006 CINCINNATI - More than 1,500 Cincinnati and Northern Kentucky workers are among the 38,000 Ford Motor Co. workers who have indicated they'll take buyouts and early retirements, according to area Ford employees. Ford has about 3,300 hourly workers at its Batavia and Sharonville transmission plants. Monty Farmer, 51, of Batavia, would have 33 years with Ford next April. He opted to take a buyout that will give him about $59,000 after taxes for his daughter's college education... E-mail [email protected] http://news.enquirer.com/apps/pbcs.dll/article?AID=/20061130/BIZ01/611300336/1076/BIZ
December 12, 200618 yr Author From the 11/26/06 PD: Ford workers see security in leaving jobs 3 consider voluntary buyouts to avoid possibly being laid off Automaker's troubles weigh on minds of local employees Sunday, November 26, 2006 Peter Krouse Plain Dealer Reporter Ford employee Dennis Burnsworth doesn't want to lose his house. So, he's quitting his job. The logic sounds backward, but in Burnsworth's world, where securing his family's future is job one, it's the gamble he chooses to take. At 50, Burnsworth doesn't need much. He's a Jehovah's Witness with little desire for material things. In his spare time, he gardens. He pickled 50 quarts of cucumbers, green tomatoes and other vegetables at his Elyria home this year. So unlike some of his co-workers with boats or Harley-Davidson motorcycles, he doesn't have big demands on his paycheck. Except the mortgage. And the installment loan. And the braces his 11-year-old Tiffany needs... To reach this Plain Dealer reporter: [email protected], 216-999-4834 http://www.cleveland.com/business/plaindealer/index.ssf?/base/business/1164535236291440.xml&coll=2
December 12, 200618 yr Author From the 11/28/06 ABJ: Ford uses its assets as loan collateral Mortgaging is to raise $18 billion for overhaul From Beacon Journal wire services DEARBORN, MICH. - For the first time in its 103 years, the Ford Motor Co. is mortgaging its assets, including factories, equipment, office buildings, patents and trademarks, and stakes in subsidiaries such as Volvo to raise $18 billion to overhaul itself. The amount Ford is borrowing exceeds the total market value of its outstanding stock by more than $2 billion... http://www.ohio.com/mld/ohio/business/16112998.htm?source=rss&channel=ohio_business From the 11/28/06 Elyria Chronicle-Telegram: Local Ford workers hopeful for turnaround Deadline for Ford buyouts passed Monday night Cindy Leise The Chronicle-Telegram AVON LAKE — As the minutes ticked toward midnight Monday, Ford Motor Co. employees were pressed to make a decision on whether to take on the variety of buyout packages offered to them by the ailing automaker. Eligible workers had until then to turn in paperwork to their plants’ labor relation offices. The number of employees who signed on were not available, but might be later this week, Ford spokeswoman Marcey Miller said. The company is hoping to eliminate 25,000 to 30,0000 of its hourly American workforce of 75,000 by the end of 2008 and it hasn’t ruled out layoffs if the buyouts don’t whittle enough from the work force... http://www.chroniclet.com/Daily%20Pages/112806local2.html
December 12, 200618 yr Author From the 11/29/06 Enquirer: 30,000 take Ford buyout BY MIKE BOYER | ENQUIRER STAFF WRITER Ford Motor Co. said today about 30,000 of it 75,000 hourly workers nationally have agreed to take voluntary buyouts, a key element of the automaker’s plan to shed 45,000 workers and close 16 plants including its Batavia Transmission plant by 2012. The 30,000 were in addition to about 8,000 acceptances received earlier in 2006 during targeted plant-by-plant buyout offers... The Detroit Free Press and the Courier-Journal contributed. E-mail [email protected] http://news.enquirer.com/apps/pbcs.dll/article?AID=/20061129/BIZ01/311300001/1076/BIZ From the 11/29/06 Lima News: Motto ‘Ford tough’ now good for buyout decision BY TIM RAUSCH - Nov. 29, 2006 LIMA — Ford wants more than 25,000 of its production workers to take a buyout deal. Terry Shrider will be one of them. Paula Garee will be staying. Midnight Monday was the deadline for the automaker’s 75,000 production workers to decide whether they wanted to accept a buyout or early retirement package. Shrider, a 34-year veteran of the Lima Ford Engine Plant, said he opted to take advantage of an early retirement offer. He requested to leave Ford in January. There were eight plans that offered from $35,000 to $140,000 depending on years of service, proximity to retirement or family circumstances, including a lump-sum payment of $100,000 for people who've worked for the company at least one year, $140,000 for longer-tenured employees, or the money being placed in a scholarship fund or tuition reimbursement... http://www.limanews.com/story.php?IDnum=32620
December 12, 200618 yr Author From the 11/30/06 PD: 40% of Ford workers take buyout Over 2,000 sign up at Brook Park, Avon Lake plants Thursday, November 30, 2006 Peter Krouse Plain Dealer Reporter About 30,000 hourly employees of Ford Motor Co., or 40 percent of its UAW work force in the United States, accepted buyout offers that expired Monday, the company said Wednesday. The buyouts were part of a companywide offering to nearly 75,000 members of the United Auto Workers in September. In Northeast Ohio, more than 2,000 employees signed up, mostly from Local 1250 in Brook Park... Plain Dealer reporter Joe Wagner contributed to this story. To reach this Plain Dealer reporter: [email protected], 216-999-4834 Ford buyouts in Northeast Ohio UAW Local 1250, Brook Park 1,423 out of about 3,000 took the buyout. UAW Local 2000, Avon Lake 650-700 out of about 2,800 took the buyout. UAW Local 420, Walton Hills Buyout number not available. About 800 UAW-covered employees. SOURCE: The UAW locals http://www.cleveland.com/business/plaindealer/index.ssf?/base/business/1164881146222660.xml&coll=2 From the 11/30/06 Elyria Chronicle-Telegram: 684 take buyout at Ford Ohio Assembly workers among 38,000 nationwide Brad Dicken The Chronicle-Telegram AVON LAKE — Nearly 700 workers at the Ford Motor Co.’s Ohio Assembly Plant will leave the plant through buyouts and early retirement as the troubled automaker tries to cut expenses as part of a massive plan to reinvigorate itself. Ford officials on Wednesday announced that 38,000 employees — nearly half of its 83,000 unionized employees — have agreed to buyout offers throughout the year, the latest round of which ended Monday. But local officials still are worried that Ohio Assembly might not survive Ford’s cost-cutting measures, even with 684 workers leaving the plant... The Associated Press contributed to this story. http://www.chroniclet.com/Daily%20Pages/113006head8.html
December 12, 200618 yr Author From the 12/1/06 Enquirer: Ford exec mum on possible layoffs BY MIKE BOYER | ENQUIRER STAFF WRITER Despite plans to shrink its payroll and plants, Ford Motor Co.'s Sharonville transmission plant will continue to have a key role as the automaker tries to stem multibillion-dollar losses and regain market share, a Ford executive said Thursday in Cincinnati. "Sharonville plays a big part in our new structure,'' said Ken Williams, manufacturing director for automatic transmission and driveline operations, before a speech to the Cincinnati Rotary Club on the automaker's future at the Hilton Netherland Plaza downtown... E-mail [email protected] http://news.enquirer.com/apps/pbcs.dll/article?AID=/20061201/BIZ01/612010334/1076/BIZ From the 12/1/06 Elyria Chronicle-Telegram: Ford: We can still get the job done Shift in work force to balance buyouts Brad Dicken The Chronicle-Telegram AVON LAKE — Although about 25 percent of the workers at Ford Motor Co.’s Ohio Assembly Plant have agreed to take buyouts or early retirements next year, the strength of the work force will remain about the same, according to the union. United Auto Workers Local 2000 President Tim Donovan said as Ford consolidates its operations through a series of plant closings and buyouts, workers will be shifted from other plants to cover those leaving Ohio Assembly... On the line Econoline production 2005: 203,071 2004: 201,319 2003: 178,308 Econoline sales in the U.S. 2005: 179,543 2004: 171,017 2003: 161,721 Source: Ford Motor Co. http://www.chroniclet.com/Daily%20Pages/120106head15.html
December 12, 200618 yr Author From the 12/8/06 PD: Brook Park Ford union rejects buyout offer Friday, December 08, 2006 Peter Krouse Plain Dealer Reporter Tom Trojan feels left out. For 28 years he has toiled at the Ford plants in Brook Park as a member of the International Union of Operating Engineers. He and 35 other members of his union maintain boilers, air compressors and heating and air conditioning systems at two engine plants and a casting plant. But unlike the vast majority of Ford's hourly workers, most of whom belong to the United Auto Workers, Trojan and his fellow IUOE members have not been offered buyouts by the company. It's not likely to happen, either. It's not that Ford isn't offering. It's just that the union isn't accepting. At least not on Ford's terms. William Fadel, the union's attorney, believes it has good reason.... To reach this Plain Dealer reporter: [email protected], 216-999-4834 http://www.cleveland.com/business/plaindealer/index.ssf?/base/business/1165571534326570.xml&coll=2
December 12, 200618 yr Author From the AP, 12/11/06: Ford closings damage cities Without plants, economy suffers BY M.R. KROPKO | THE ASSOCIATED PRESS LORAIN, Ohio - He glances through the chain-link fence at hulking, dark buildings and weeds growing tall in pavement cracks. The chilling scene on a gray November day makes John "Larry" Wargo sigh with sadness. He remembers when the parking lots were packed - with workers' cars and freshly assembled vehicles waiting to be sent from the Lorain Ford Assembly Plant to market. "We were working double shifts and making 58 cars an hour, Thunderbirds and Cougars," says Wargo, 70, a retired Ford Motor Co. worker who put in 40 years, mostly as a maintenance electrician. "I feel sorry for the younger generation, because they won't see what really happened there." MORE AT: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20061211/BUSINESS09/61211011/-1/BUSINESS
December 13, 200618 yr Author From the 11/29/06 Dispatch: PERMANENT JOBS Delphi workers’ status changes Wednesday, November 29, 2006 Paul Wilson THE COLUMBUS DISPATCH About 280 temporary workers at Delphi Corp.’s Columbus plant have become permanent employees, and a union leader predicted that total will reach about 450 in the next several months. The 450 new workers, a total the company could not confirm, would replace about 700 longtime employees who recently took buyouts, early-retirement offers or jobs with General Motors as part of a plan by Delphi to cut costs, union officials said. In many case, new workers will be paid half as much as their successors, according to United Auto Workers Local 969, which represents the Columbus hourly employees. ... [email protected] http://www.dispatch.com/business-story.php?story=dispatch/2006/11/29/20061129-D1-02.html
December 13, 200618 yr Author From the AP, 12/3/06: Talks progressing, court documents say A Delphi lawyer says talks have advanced considerably. DETROIT (AP) — Talks are progressing between Delphi Corp. and former parent General Motors as they negotiate to try to help the auto parts supplier emerge from bankruptcy protection, according to court documents. The two sides have exchanged "draft agreements," according to a 110-page report that was filed late Thursday in U.S. Bankruptcy Court in New York, The Detroit News reported. "The parties have exchanged various draft agreements and term sheets, which taken together, have advanced negotiations considerably," Delphi bankruptcy lawyer Jack Butler wrote in the report. "The framework agreement remains a work in progress." ... http://www.vindy.com/content/local_regional/308068574364199.php
December 13, 200618 yr Author From the 12/5/06 Warren Tribune Chronicle: Delphi lowers monthly loss By LARRY RINGLER Tribune Chronicle Delphi Corp. in October posted its lowest monthly loss since it filed for Chapter 11 bankruptcy, according to the auto parts maker’s court filing. The parent of Delphi Packard Electric in Warren said it lost $54 million on sales of $1.5 billion for the month. Its previous lowest loss was $56 million last March. In September it reported losing $673 million on sales of $1.37 billion. Since it filed for Chapter 11 bankruptcy Oct. 8, 2005, Delphi said it has lost $4.43 billion on sales of $14.73 billion. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=11971
December 13, 200618 yr Author From the 12/6/06 DDN: Ex-Delphi workers ruled eligible for retraining funds By John Nolan Staff Writer Wednesday, December 06, 2006 DAYTON — Employees of Delphi Corp.'s Needmore Road brake plant who accepted buyouts to leave the company during its work force reduction are eligible to apply for federal job retraining money, the U.S. Department of Labor said. United Auto Workers Local 696, which represents those workers, had applied for the Trade Adjustment Assistance benefits eligibility months ago and welcomed the government's approval. Rep. Mike Turner, R-Centerville, made the announcement Tuesday. Nearly 2,000 employees could be eligible for assistance, Turner said. The approval allows those workers to apply for money they can use toward expenses of learning new job skills. ... Contact this reporter at (937) 225-2242 or [email protected]. http://www.daytondailynews.com/n/content/oh/story/news/business/2006/12/05/ddn120606delphi.html
December 13, 200618 yr Author From the 12/7/06 Warren Tribune Chronicle: Pact to keep Delphi open By LARRY RINGLER Tribune Chronicle WARREN — Union and Delphi Packard Electric bargainers reached agreement Wednesday allowing employees who took a buyout to return to work temporarily — something designed to ease a worker shortage and maintain shipments to automaker General Motors Corp. ‘‘We’re probably 400 people short. The local didn’t want to shut down our biggest customer,’’ said Don Arbogast, shop chairman for International Union of Electrical Workers-Communications Workers of America Local 717. Plant 10, for instance, in the North River Road Complex, has just four workers for 55 spots, Arbogast said. The plant, which reduces large copper cables into wires used in the division’s electrical wiring harnesses, is one of five ‘‘core’’ plants Delphi Corp. plans to keep when it emerges from Chapter 11 bankruptcy around mid-2007. ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=12032
December 13, 200618 yr Author From the AP, 12/9/06: GM considers more buyouts Ford's popular offers to workers are model for next payroll reduction Saturday, December 09, 2006 Tom Krisher Associated Press Detroit - General Motors Corp. may further reduce its blue-collar work force by offering another round of buyouts, according to an industry analyst. In a note to investors after a meeting with Troy Clarke, GM's North American president, JPMorgan analyst Himanshu Patel wrote that GM has studied Ford Motor Co.'s buyout packages and may make another offer to workers in 2008 or later. "We sensed an implicit statement that certain aspects of Ford's [more successful] buyout program could have been implemented at GM," Patel wrote in the note, distributed Thursday. ... The Detroit Free Press contributed to this story. http://www.cleveland.com/business/plaindealer/index.ssf?/base/business/1165671068143250.xml&coll=2 From the 12/9/06 Warren Tribune Chronicle: GM Lordstown impresses V.P. By LARRY RINGLER Tribune Chronicle LORDSTOWN — One of General Motors Corp.’s key manufacturing decision-makers left impressed after visiting the Lordstown Complex Wednesday, although he made it clear tough decisions lie ahead. ‘‘He told us basically what we need to do to get a new product,’’ United Auto Workers Local 1112 President Jim Graham said of Tim Lee, vice president of manufacturing and labor relations for GM North America. ‘‘They may not be things you want to do, but that’s the way things are to get a new product.’’ Graham declined to elaborate, but he noted ‘‘there are always things we can do. I’m confident the bargaining committee will address those issues.’’ ... [email protected] http://tribune-chronicle.com/articles.asp?articleID=12114
December 13, 200618 yr Author From the 12/12/06 Warren Tribune Chronicle: Delphi facing pension deficit By the staff, wire report DETROIT — Federal pension regulators estimate that auto parts supplier Delphi Corp. is now at least $1.25 billion behind in required pension funding payments since it filed for bankruptcy, although they said shortfall isn’t unusual for a company in bankruptcy. The Pension Benefit Guaranty Corp., the federal agency that insures private pension plans for millions of Americans, said Monday that Delphi’s pension fund, which covers about 75,000 people, was underfunded by $7.1 billion in July, according to the agency’s latest filing made in July. The previous estimated underfunding was $10.6 billion. Troy-based Delphi, the nation’s largest auto parts supplier and parent of Delphi Packard Electric in Warren, filed for bankruptcy protection in October 2005. Such companies are shielded from creditors seeking payment until a settlement can be negotiated, and the company emerges from court supervision. ... http://tribune-chronicle.com/articles.asp?articleID=12236
December 18, 200618 yr Lorain Ford plant sold to California developer Ford Motor Co. has sold the property that until a year ago housed the Lorain Assembly Plant to Industrial Realty Group of Downey, Calif. The 4 million square feet of manufacturing and warehouse space sits on about 280 acres off Baumhart Road near Ohio 6. IRG had been identified as a potential buyer in March. According to an real estate source who asked not to be indentified, IRG, led by developer Stuart Lichter, will partner with local real estate broker Christopher Semarjian to redevelop the property. Lorain Mayor Craig Foltin plans a Wednesday news conference to discuss IRG's plans. More at http://www.cleveland.com/weblogs/business/index.ssf?/mtlogs/cleve_business/archives/2006_12.html#216878
December 19, 200618 yr And the tracks for the proposed West Shore Corridor commuter rail service run right past there.... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 19, 200618 yr ^yes they do, the tracks run right along the water on that stretch. besides the ford plant there is beachfront and a couple nice marinas as well. hows that for a commuter rail stop? a hopefully recycled factory, some marinas and the beach. sound cool? it's perfect.
December 22, 200618 yr Good news for Lo-rain and the surrounding area..........and I agree wimwar, hopefully these jobs won't be moved from neighboring counties!
January 22, 200718 yr Author From the 12/15/06 Blade: Ford exec offers reassurance on Maumee plant site BLADE STAFF A Ford Motor Co. official told a Toledo Regional Chamber of Commerce gathering yesterday that the automaker, which plans to close its Maumee Stamping Plant by 2008, is trying to "make sure that the end use of that property is in the best interests of the community." MORE AT: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20061215/BUSINESS06/612150337/-1/BUSINESS
January 22, 200718 yr Author From the 12/16/06 Tri-County Press: Mayor not concerned about Ford cuts BY ANDREA REEVES | COMMUNITY PRESS STAFF WRITER SHARONVILLE - With hundreds of employees at the Sharonville Ford Motor Co. accepting buyouts from the company, Sharonville Mayor Virgil Lovitt says the buyouts won't affect the economy of the city. The plant provides $2 million in revenue to Sharonville, which operates on a $20 million budget. As of last month, about 38,000 hourly union employees nationwide accepted packages for voluntary separations from the company, according to Ford. On Sept. 15, Ford announced its intention to reduce its North American hourly workforce by 25,000 to 30,000 employees by the end of 2008... [email protected] 576-8246 http://news.communitypress.com/apps/pbcs.dll/article?AID=/20061216/NEWS01/612140391/1002/RSS01 From Community Journal Clermont, 12/16/06: Ford appraisal under appeal in Columbus BY LIZ VERNON | COMMUNITY PRESS STAFF WRITER BATAVIA - Batavia Transmissions, LLC, won't be closing until 2008, but the appraisal of the plant, which is currently under appeal with the board of tax appeals in Columbus, has been discussed during the past few months. The auditor's office had appraised the property at $38,970,990, said Phil Brown, deputy auditor in real estate administration with the Clermont County Auditor's Office. The appraisal is based on factors such as the type of construction, quality and size of the structure. In March, Ford gave an appraisal of $10,765,800, said Brown... [email protected] 248-7683 http://news.communitypress.com/apps/pbcs.dll/article?AID=/20061216/NEWS01/612150335/1002/RSS01
January 22, 200718 yr Author From the 12/17/06 Lima News: Ford employees retiring or taking buyouts have goodbye party BY GREG SOWINSKI - Dec. 17, 2006 LIMA — A few hundred employees who accepted buyouts or are retiring from the Lima Ford Engine Plant after the first of the year celebrated as one big family Saturday. By far the hardest part about leaving is saying goodbye to friends. "I’ve spent over half my life there. It is like a second home," said Terry Shrider, a 61-year-old team leader on the D35 block line. For Sandy Johnson, an assembly line worker, she spent the night dancing and mingling with friends who seem more like members of her family. "I’ve worked on every assembly line out there and every shift," she said. Shrider said it’s the largest mass retiring of employees during his 34 years. Typically retirement in the past meant one to several employees, he said. "Times are changing. The company is trying to do well and go lean," he said. As many as 350 Lima employees have signed up for buyouts or early retirement, Johnson said... http://www.limanews.com/story.php?IDnum=33272
January 22, 200718 yr Author From the 12/28/06 Elyria Chronicle-Telegram: Ford investing $60M in Avon Lake Ailing automaker commits to Econoline vans Brad Dicken The Chronicle-Telegram AVON LAKE — Ford Motor Co. plans to invest $60 million in its Ohio Assembly Plant over the next two years as it gears up to refresh the Econoline vans built there. Ford informed the county of its plans as part of negotiations to convince the county Board of Revision to forgive $790,000 in interest on $4.7 million the automaker owed in back taxes. According to an e-mail to county Commissioner Lori Kokoski from Ford’s Gabby Bruno, the automaker plans to make $49 million in capital improvements at the plant — $33 million of that in 2007. The planned improvements include $28 million in upgrades to the plant’s body shop, $10 million for the final assembly area and $500,000 for the plant’s paint shop. The remaining $11 million will be for marketing and other expenses related to the redesign of the 2008 model of the Econoline.... http://www.chroniclet.com/Daily%20Pages/122806head8.html
January 24, 200718 yr Author From the 12/15/06 Youngstown Vindicator: New IUE leader: No jobs are safe Valley plants will need continued investment to stay open, the shop chairman said. By DON SHILLING VINDICATOR BUSINESS EDITOR WARREN — A new union leader at Delphi Packard Electric said no jobs there are safe for the long term, but he will bargain to keep as many as possible. Even Packard's plastic molding plants in Cortland and Vienna, which underwent $100 million in upgrades, have uncertain futures, said Mike O'Donnell of Warren, who took over this week as shop chairman for Local 717 of the International Union of Electrical Workers. "They are only secure for the life cycle of the technology and the investment. Is that 10 years? 20 years? Who knows what innovations are coming," O'Donnell said. ... [email protected] http://www.vindy.com/content/local_regional/287733610769825.php
Create an account or sign in to comment