Delphi posts $331 million operating loss for two months ended March 31

By Caroline Salls

Pittsburgh, May 1 - Delphi Corp. reported a $331 million operating loss for the two months ended March 31 on $1.558 billion in total sales, according to an operating report filed Thursday with the Securities and Exchange Commission.

The net loss for the two-month period was $426 million.

Delphi had $47 million in cash and cash equivalents at March 31, compared with $48 million at Jan. 31.

As a result of the termination of its equity purchase commitment, Delphi said it recognized $79 million of related fees and expenses during the first quarter of 2008.

As previously reported, the company posted a $170 million operating loss in January on $770 million in total sales.

The January net loss was $163 million.

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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