Uh Oh

GM is one step closer to bankruptcy:

Delphi Corp.'s latest contract proposal offer, though better than two previous offers, still would have a "devastating impact" on the bankrupt auto supplier's workers and their families, and cannot be taken back to workers for a vote in its current form, a top UAW official said Tuesday.

But marking a break from its hard-line stance, the United Auto Workers signaled a willingness to continue discussions with Delphi -- provided that the supplier backs off a threat to begin voiding existing labor contracts by Friday without a deal on wage concessions.

If Delphi workers walk out (or if Delphi locks them out) then GM's factories will have to shutter for lack of parts.