Delphi contributes $48 million to U.S. pension plans for second-quarter services

By Caroline Salls

Pittsburgh, July 13 - Delphi Corp. contributed about $48 million to its U.S. pension plans for services rendered by employees in the second quarter, according to a company news release.

According to the release, under the Employee Retirement Income Security Act and the U.S. Internal Revenue Code, a $309 million minimum funding payment was due on July 13; however, as permitted under Chapter 11, Delphi contributed only the portion of the contribution attributable to post-bankruptcy-petition service.

The unpaid portion of the minimum funding payments will be paid as a claim under Delphi's 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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