Delphi contributes $50 million to U.S. pension plans

By Caroline Salls

Pittsburgh, April 16 - Delphi Corp. contributed about $50 million to its U.S. pension plans, according to an 8-K filed with the Securities and Exchange Commission.

The amount contributed represents the portion of the pension contribution for services rendered by Delphi employees in the first quarter of 2007.

Under the Employee Retirement Income Security Act and the U.S. Internal Revenue Code, a roughly $396 million minimum funding payment to the U.S. pension plans was due on April 13.

However, Delphi contributed only the portion of the contribution attributable to post-bankruptcy service, as permitted under bankruptcy law.

The unpaid portion of the minimum funding payments remains payable as a claim against Delphi and will be determined in Delphi's plan of reorganization with other claims.

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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