Miller Says Delphi Strong, Just Needs Capital
Tom Murphy Ward's AutoWorld, May 1, 2008 12:00 PM

Delphi Corp.'s 2½-Year Journey through bankruptcy has been long and tortuous, but Chairman Robert “Steve” Miller says the supplier will emerge a better, stronger company, once capital markets provide the necessary financing to exit Chapter 11.

“It won't get done in weeks. It will be months, but we will get it done,” Miller tells members of the Automotive Press Assn. at a recent breakfast to promote his new book, “The Turnaround Kid.”

Delphi was supposed to emerge from Chapter 11 last year but needed additional time to complete its restructuring and secure adequate financing.

Since filing for bankruptcy protection in October 2005, Delphi has closed eight U.S. plants, sold five and is in the process of selling or closing several others.

“We have fixed the business,” Miller says, describing Delphi's labor situation as “totally unsustainable.” He says OEMs have awarded Delphi some $30 billion in new business.

The only outstanding issue is to secure enough loans to close the Chapter 11 case.