After four years and wave upon wave of restructurings and re-organisations, auto parts supplier Delphi finally entered the unprotected world again. Formed in 1999? after GM spun off its parts division, Delphi has been plagued by expensive labour, unions, increased competition and the ever-greater problems and production cuts at GM, which was still its biggest client by far (in 2004 alone the company lost $4.8 billion). When it finally filed for bankruptcy protection in 2005, it was both the biggest crash ever (it had $17.1 billion in assets) and also completely expected. The new company, Delphi LLP, much like the new GM, is leaner, meaner and probably stands a much better chance of survival.