Delphi reports more losses

February 27, 2007 at 9:51a.m.

DETROIT (AP) — Struggling auto parts maker Delphi Corp. said today its losses widened to $853 million for the fourth quarter and to $5.5 billion for all of 2006.

The former parts-making operation of General Motors Corp. had lost $828 million in the fourth quarter of 2005 and it lost $2.4 billion for all of 2005.

The company said $3 billion in restructuring costs, mainly expenses related to buyout and early retirement offers to 20,000 unionized hourly workers, were responsible for a big chunk of the losses for the year.

The fourth-quarter loss included $200 million in noncash charges related to the company’s assets, Delphi said in a filing with the U.S. Securities and Exchange Commission.