Tier-1 supplier Delphi Corp. announced a $127 million net shortfall on Friday, the first financial report of the partsmaker's post-bankruptcy era. The results cover from October 8th ('B'-Day) through the end of November.
The unaudited findings are part of Delphi's first operating report to the U.S. Bankruptcy Court for the Southern District of New York, a condition of its Chapter 11 filing. The results will also go on record with the Securities and Exchange Commission.
Delphi is in the midst of a comprehensive reorganization and cost-cutting plan, which will include wage, benefit, and employment cuts, as well as closing some of its facilities and re-rationalizing its production processes.
The second-largest automotive parts manufacturer says that its operating loss was $131 million over the same period, on sales of $2.94 billion.
[Source: Reuters via Automotive News]