Delphi seeks approval to negotiate syndication of exit financing

By Rebecca Melvin

New York, Jan. 4 - Delphi Corp. sought approval to negotiate financing needed to exit Chapter 11 bankruptcy protection, according to a motion filed Friday with the U.S. Bankruptcy Court of the Southern District of New York.

The motion stated that Delphi intends to emerge from bankruptcy in the first quarter of 2008, and it needs its statutory committee members, including members of the official committee of unsecured creditors and the official committee of equity security, to negotiate the syndication of exit financing.

A hearing is scheduled for Jan. 9.

Delphi received court approval of its disclosure statement in early December, and confirmation hearings are scheduled to begin Jan. 17.

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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