The world's largest auto parts maker warned that Chapter 11 bankruptcy would be considered if talks with unions and General Motors do not result in significant cost savings. About 49% of Delphi's business comes from GM, which means that its financial well being is taking a huge hit as GM cuts production to deal with its own fiscal priorities. Couple the drop in orders with the fact that Delphi has taken over GM's social payments for workers and it's easy to understand why the supplier posted a net loss of $338 mil this quarter versus a $143 mil profit during the same period last year. Ouch. In order just to stay open for business during the talks, Delphi is nearly maxing out its current available credit of $1.8 billion.