A Delphi Chapter 11 filing would be devastating for the supplier's customers, vendors, employees, shareholders and the entire supply sector.
It would create a cash crunch for Delphi Corp.'s North American customers and suppliers. And if the nation's largest supplier seeks protection from its creditors, in the eyes of Wall Street it will cast a shadow on other suppliers as well.
This is a crisis. As Delphi's self-imposed deadline for filing for bankruptcy protection approaches, General Motors and the UAW must treat it as such. If only Delphi takes it seriously, the crisis will worsen.
General Motors, Delphi and the UAW must find a solution that does not include Chapter 11.