DELPHI FILES CHAPTER 11: Some of the worst news yet to come out of Detroit; Delphi, the largest auto supplier in America, is set to file for bankruptcy in Federal Bankruptcy Court located in New York. It comes as no real surprise as the three largest American car companies (General Motors, Ford, and Chrysler) continue to struggle to stay in the black. Delphi has been losing money since GM spun it off in 1999, and in the first half of this year alone the company lost about $750 million. Delphi is expected to take out loans of up to $4.5 billion with about $2 billion from JPMorgan Chase Bank and Citigroup Global Markets.

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Stock symbols: General Motors - GM, Delphi - DPH