Delphi says company positioned to emerge from bankruptcy on April 4

By Jennifer Lanning Drey

Portland, Ore., April 2 - Delphi Corp. expects to be able to emerge from bankruptcy on April 4, though the company does not intend to provide any details backing the statement prior to that date, a Delphi spokesman said Wednesday.

"We've stated that we believe we will be in a position to close on [April] fourth," spokesman Lindsey Williams said.

As previously reported, Delphi needs to secure $6.1 billion in exit financing by April 4 in order to emerge from bankruptcy on that date. The company's plan of reorganization was confirmed on Jan. 25.

Williams wouldn't comment on whether the financing has been secured.

Under its plan of reorganization, Delphi held a rights offering providing common stock holders on record on Jan. 17 with the right to purchase 21.68 million shares of Delphi's new common stock.

The rights offering expired on March 31, but the company has not released any details regarding the results of the offering, Williams said.

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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