CHICAGO -- Shares of auto parts supplier Delphi Corp. set an all-time low on Wednesday under the weight of accounting improprieties and reduced car production.
Delphi, which inherited high wage, pension and health care costs in its spinoff from General Motors in 1999, last week disclosed accounting improprieties dating to 1999 and said its CFO resigned under pressure.
A Delphi spokeswoman said Delphi's restructuring plans remain focused on reducing inherited labor and benefit costs, job cuts, plant consolidations, building non-GM business and other factors.
Delphi shares fell to an all-time low on Friday after its accounting disclosures, which also prompted the major debt ratings agencies to cut its corporate debt rating.
Delphi is suffering under GM's North American vehicle production cuts, high fixed short-term labor costs and a brain drain at the top after CEO J.T. Battenberg III said in February that he planned to step down this year, Hinchliffe said.
On Monday, Delphi said it has awarded retention bonuses to top executives to be paid in installments over two years if they remain with the Troy, Mich., company.
Delphi on Monday also told employees it will no longer provide health care coverage to salaried retirees who are eligible for Medicare starting in 2007, to save more than $500 million over several years. The plan currently covers about 4,000 retired salaried workers in the United States.
Delphi shares fell 16 cents, or 3.19 percent, to $4.85 Wednesday on the New York Stock Exchange.