By Doug Cunningham

The Detroit News says that GM, the UAW and Delphi are in advanced stages of talks that would agree to offer buyouts to up to 20,000 hourly union auto workers as part of a settlement to get Delphi out of bankruptcy. The UAW, GM and Delphi have all declined to publicly reveal details of their joint talks to resolve the giant auto parts maker's bankruptcy situation.

But the Detroit News reports that talks are intensifying, with GM identifying tens of thousands of workers who would be eligible for early retirement buyouts. If the buyout deal goes through it would allow GM to accept back thousands of Delphi workers as part of an existing agreement with Delphi which was spun off from GM several years ago.

If the UAW can be persuaded to go along with the deal it would avert a crippling strike that would likely not only sink Delphi but shut down GM as well. If this deal happens it would be one of the largest single buyout of union workers in U.S. history.

The Detroit News says that the UAW has told its members to be ready to meet next month in Las Vegas to go over details of the buyout deal that will be presented to union rank and file GM workers. UAW locals around the country say many workers close to retirement age are ready to accept deals like this buyout.

There are 24,000 UAW members at Delphi. Delphi says if no agreement is reached by March 30 with its unions, then it will go ahead and ask a bankruptcy court to rule on a motion to throw out the contracts. If that happens a strike is expected.

GM is contractually bound to pay for pensions for Delphi workers. GM took a $3.6 billion charge in 2005 to fund those pensions. A buyout deal for 20,000 GM workers, and possibly some Delphi workers as well, would save GM huge amounts of money in the long run, get Delphi out of bankruptcy and keep the labor peace so that GM is not crippled or driven into bankruptcy by a prolonged strike at Delphi.