Delphi contributes $49 million to U.S. pension plans

By Caroline Salls

Pittsburgh, Oct. 12 - Delphi Corp. contributed $49 million to its U.S. pension plans for services rendered by employees in the third quarter, according to an 8-K filed with the Securities and Exchange Commission.

Under the Employee Retirement Income Security Act and the U.S. Internal Revenue Code, a $113 million minimum funding payment was due on Oct. 15, but, as allowed under Chapter 11, Delphi contributed only the portion of the pension plan payment attributable to post-bankruptcy service.

The unpaid portion of the minimum funding contribution will be classified as a claim under its plan of reorganization.

Delphi, a Troy, Mich.-based automotive electronics manufacturer, filed for bankruptcy on Oct. 8, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-44481.

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