Auto task force meets with Big Three

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Representatives from the Big Three automakers met with White House officials earlier this week to discuss the future of the component industry.   Top procurement executives from Ford, General Motors and Chrysler had meetings with President ObamaÔÇÖs auto task force, according to The Wall Street Journal.   Both GM and Chrysler are also lobbying government for extra financial help for themselves, but this weekÔÇÖs talks have focused on the auto-parts sector, which some industry executives fear is heading for mass liquidations as auto production declines.   Parts makers that are major suppliers to the three US auto manufacturers are finding it increasingly difficult to find credit, and the Big Three are in no position to be able to help them.   In a viability plan submitted to the Treasury last week, GM proposed the creation of a credit insurance program for the receivables due to suppliers for their shipments to the US auto makers, on the grounds that it might reassure some banks who have traditionally allowed suppliers to use receivables as collateral for finance.   Meanwhile Delphi Corp., the largest parts supplier to GM, won court approval Tuesday to terminate health benefits for about 15,000 retired salaried employees, claiming this was critical to its slow-going bankruptcy reorganization.   Delphi has been operating under Chapter 11 protection since late 2005, and will now be able to eliminate over $1 billion in liabilities and $70 million in annual cash costs.   Also Tuesday, leaders of the United Auto Workers union at Ford recommended its members ratify contract concessions reached in the past two weeks with the company, including easing work rules, capping supplemental pay for idled and unemployed workers, ending cost-of-living increases and adding flexibility to how Ford funds health care for retirees.   Ford is said to be ready to offer another round of early retirements and buyouts to all hourly workers if the union ratifies the changes.   Ford also said executive chairman William Ford Jr. and chief executive Alan Mulally will accept 30 percent pay cuts over the next two years.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *