Delphi requests five-month exclusivity extension to continue talks with unions, GM

By Caroline Salls

Pittsburgh, June 18 - Delphi Corp. requested a five-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan as it continues plan discussions with its stakeholders, labor unions and General Motors Corp., according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive plan-filing period to Dec. 31, 2007 from July 31 and the solicitation period to Feb. 29, 2008 from Sept. 30.

Delphi said it may be able to file a plan by the current July 31 deadline, but the company, its statutory committees and GM agreed it would be best to avoid rushing the plan negotiations.

However, the company said the exclusivity extension request does not mean Delphi has changed its previously announced plans to emerge from bankruptcy by the end of the year.

A hearing is scheduled for June 26.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.