Delphi’s Third-Quarter Loss Widens to $2 Billion

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Bankrupt auto-parts maker Delphi Corp. said losses in its third quarter ended Sep. 30 widened to $2 billion from $788 million in the third quarter of 2005 as the company spent more on job cuts and U.S. auto makers produced fewer cars, Bloomberg reported Tuesday. Delphi, Troy, Mich., lost $3.51 a share, compared with $1.40 a share in the year-ago period. Sales fell 4.7% to $6 billion, Bloomberg said.In November, Delphi announced it would delay filing third-quarter results to determine whether it had improperly accounted for foreign currency hedges, Bloomberg said.Meanwhile, a group led by hedge fund Cerberus Capital Management has entered into a $3.4 billion investment deal with Delphi that would allow the ailing auto parts manufacturer to exit bankruptcy if Cerberus and the United Auto Workers union can reach an accord on wage concessions by Feb. 28, Bloomberg said. (Click here for previous coverage.)