Delphi gets five-month exclusivity extension

By Reshmi Basu

New York, June 26 - Delphi Corp. obtained a five-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan as it continues discussions with its stakeholders, labor unions and General Motors Corp. from the U.S. Bankruptcy Court for the Southern District of New York.

The company's exclusive plan filing period was extended to Dec. 31, 2007 from July 31 and the solicitation period to Feb. 29, 2008 from Sept. 30.

On June 22, the company said it reached a tentative agreement with the United Auto Workers and General Motors Corp. covering site plans, workforce transition and other comprehensive transformational issues.

That agreement is subject to union ratification and approval by the court.

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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