Delphi seeks three-month exclusivity extension

By Reshmi Basu

New York, Dec. 3 - Delphi Corp. asked for a three-month extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend the exclusive plan-filing period to March 31 from Dec. 31 and the solicitation period to May 31, 2008 from Feb. 29.

According to the motion, Delphi said it needs more time in light of the turbulence in the capital markets, which has resulted in the company making proposed amendments to its plan.

The company said that it expects to exit Chapter 11 during the first quarter of 2008.

A hearing is scheduled for Dec. 20.

Delphi, a Troy, Mich.-based automotive electronics manufacturer, filed for bankruptcy on Oct. 8, 2005. Its Chapter 11 case number is 05-44481.

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