DETROIT (AP) — Delphi Corp., the huge auto-parts supplier that filed for bankruptcy protection last month, has made another proposal to its unions in an effort to win wage and benefit concessions, but union leaders on Wednesday called the offer "ridiculous."
The impasse has led to speculation that there could be a strike at Delphi that would cripple the auto industry and especially General Motors Corp., which spun off Delphi in 1999 and relies on the supplier for billions of dollars in parts.
GM shares dropped $1.32, or 5.8 percent, to close at $21.29 Wednesday, their lowest level since December 1991.
United Auto Workers President Ron Gettelfinger would not reveal specifics of the new Delphi proposal, but said it still has workers who now make $27 an hour taking drastic pay cuts.
"It's ridiculous. They know it's ridiculous," Gettelfinger said at a news conference in Detroit.