Delphi contributes $435,063 to subsidiary pension plans

By Caroline Salls

Pittsburgh, July 15 - Delphi Corp. contributed a total of $435,063 to its U.S. subsidiary pension plans on Monday and Tuesday, according to an 8-K filed with the Securities and Exchange Commission.

Delphi said these latest contributions are for services rendered by employees in the second quarter of 2008.

Under the Employee Retirement Income Security Act and the U.S. Internal Revenue Code, a minimum funding payment of about $333 million to the U.S. pension plans was due on July 15.

However, as permitted under Chapter 11 Delphi contributed only the portion of the contribution attributable to post-bankruptcy service using cash and a portion of the proceeds from a letter of credit.

Delphi will pay the remaining portion of the minimum contribution under its 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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