Delphi looks to extend exclusive plan-filing date to March 31 as it negotiates plan changes

By Caroline Salls

Pittsburgh, Dec. 8 - Delphi Corp. requested an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the company wants to extend its exclusive plan-filing period to March 31 from Jan. 31 and the solicitation period to May 31, 2009 from March 31.

The company said this extension request only applies to its statutory committees, because its exclusivity in connection with all other parties in interest has already been extended until after Delphi's plan takes effect.

Delphi said its court-approved debtor-in-possession facility amendment and General Motors accommodation agreement require it to file changes to its plan of reorganization by Feb. 27. The company said it would expect the proposed disclosure statement changes to be approved by March 31.

Now that the accommodation agreement and DIP facility amendment have been approved, Delphi said its next steps will include negotiating and finalizing the plan modifications and obtaining emergence capital funding necessary to emerge from Chapter 11 bankruptcy.

A hearing is scheduled for Dec. 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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