They certainly distinguished themselves ... but they are not immune to the pressures faced by other suppliers, mainly lower production in North America and commodity costs.

It was a modest first step, but the heavy lifting is still to come. This was probably one of the easier elements to resolve.

It also reinforces the fact that GM will have to make even more significant cuts in their own cost structure going forward.

The extent of the wage and benefit reductions Delphi is seeking would be difficult for any union to swallow easily.

Recent incentive programs have established lower market pricing that makes GM increasingly vulnerable to volume declines which could occur as a result of a decline in economic conditions or simply a sustained falloff following recent industry sales spikes.

The UAW has a lot of incentive to negotiate concessions out of court, given the lesser influence it would have in a bankruptcy scenario,