Delphi GM advance, DIP loan accommodation agreements extended

By Caroline Salls

Pittsburgh, Oct. 1 - Delphi Corp. has entered into further amendments to its existing advance agreement with General Motors Corp. and the accommodation agreement with its debtor-in-possession facility lenders, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The 15th advance agreement amendment extends milestones, which, if not met, would prevent Delphi from continuing to access a $250 million tranche C credit facility.

Specifically, Delphi's ability to request advances on the tranche C facility was extended to 8 p.m. ET on Oct. 7 from Sept. 29.

According to the 8-K, the company's ability to request tranche C advances is conditioned on making progress on the transactions included in its modified plan of reorganization.

Delphi has also entered into a 34th amendment to the accommodation agreement with its DIP facility lenders.

Under the amendment, the DIP facility lenders agreed to allow the company to continue using the proceeds of the DIP financing through 8 p.m. ET on Oct. 7, extended from Sept. 29.

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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