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March 31, 2006 4:15 PM, EST

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uto parts maker Delphi asked a bankruptcy court Friday to void union contracts and allow it to make steep wage and benefits cuts, news services reported.

The court will not decide until June whether to allow Delphi to break its contract, the Wall Street Journal reported Friday in a front-page story.

A strike at Delphi, General Motors’ biggest supplier, could cost it as much as $130 million a day, the Journal said.

Bloomberg reported earlier this week that Delphi, which filed for bankruptcy last August, has offered United Auto Workers members $50,000 each in exchange for a 35% pay cut.

(Click here for previous coverage.)