TRAVERSE CITY, Mich. (AP) -- General Motors Corp.'s top executive predicted Thursday that complex negotiations with parts supplier Delphi and its labor unions eventually will lead to a settlement on wage and benefit reductions.þþSpeaking at the Center for Automotive Research Management Briefing Seminars in Traverse City, GM Chairman and Chief Executive Rick Wagoner said an agreement would not be reached quickly.þþ''I think we're progressing, but it's not going to come together in the next five minutes,'' Wagoner said.þþTroy-based Delphi is GM's largest parts supplier. It entered Chapter 11 bankruptcy protection in October of last year and is seeking court permission to void its labor contracts and impose lower wages.þþDelphi used to be part of GM, but the world's largest automaker spun it off into a separate company in 1999.þþThe talks, Wagoner said, are complex, involving GM, Delphi, multiple unions, creditors and investors.þþ''It's not the kind of thing in my view that we're going to be able to just, all of the sudden -- voila -- bring this together in a very, very short term,'' he said.þþBut Wagoner said he is confident that an agreement will be reached, avoiding a strike that could be catastrophic to GM.þþ''It would be Russian Roulette on anybody's part not to do that,'' he said.þþWagoner's comments came the day before another federal bankruptcy court hearing was scheduled on Delphi's request to scrap the union contracts. However, Delphi said late Thursday that it requested the hearing be delayed until Aug. 17 to allow further discussions with its unions, GM and other shareholders.þþDelphi spokesman Lindsey Williams said earlier Thursday that talks were continuing with hopes of reaching an agreement before the court hearing. But he would not say whether an agreement was close.þþ''At this point we do not have a comprehensive agreement,'' Williams said.þþA message was left for a spokesman with the United Auto Workers, the union representing most of Delphi's production workers.þþLast month, UAW President Ron Gettelfinger said negotiations had slowed and raised the possibility of a strike.þþU.S. Bankruptcy Judge Robert Drain in New York has said he would rule on Delphi's wage-reduction request by Aug. 31.þþGM, Delphi and its unions all have said they would prefer a negotiated settlement.þþ
Source: NY Times
