Miller must take tough decisions to stave off Delphi becoming bankruptWhen Detroit sneezes, the auto companies might catch a cold. But auto companies could well catch pneumonia and head for the intensive care unit this time. In July, 2005, the $30 billion Delphi Corporation saw a new CEO Robert Miller, taking over. In time, he issued a terse statement: “We will consider other strategic alternatives, including Chapter 11 re-organisation.” Chapter 11 is jargon for bankruptcy. Delphi is stretched to the limit, near to reaching the threshold of an allowed $1.8 billion credit limit.
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Source:IIPM Editorial:- 2006
