Delphi inches closer to bankruptcy

Having found little success in cutting fixed and overhead costs, and without any money left in the bank to piss away at the rate of $4M/day, it can safely be said that Delphi teeters on the edge of bankruptcy. Or, as CEO Steve Miller puts it, "The fact is, we are out of money". This, combined with an Oct. 17th change in federal bankruptcy laws and a union that's unwilling to make $2.5B in cuts, means that a Chapter 11 filing grows increasingly likely every day. Either way this thing goes down, it's likely that a lot of workers are going to end up in the unemployment line, and in the case of a bankruptcy filing, expect many of those workers to lose some or all of their retirement benefits as well.