Delphi asks GM for $6 billion bail-out

Delphi Corp. needs $6 billion in assistance from GM to avoid bankruptcy. The largest U.S. auto parts supplier needs to reduce labor expenses, including salaries, pensions and health care costs.
GM was the former owner of Delphi, and remains its largest customer. A key element of reducing labor expenses will be offering senior employees bonuses to retire, quit or accept a pay cut. Negotiations between GM and the United Auto Workers are ongoing.

With unfavorable changes to the U.S. bankruptcy laws taking effect October 17, Delphi's clock could be winding down.