Delphi obtains final court approval to amend accommodation agreement

By Jennifer Lanning Drey

Portland, Ore., May 21 - Delphi Corp. obtained final court approval of an amendment to its accommodation agreement that gave the company more time to deliver a plan of reorganization term sheet to its debtor-in-possession facility lenders, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the amendment gives Delphi until May 21 to file a term sheet, extended from May 4.

The amendment will terminate on May 23 if the company has not paid related fees and expenses.

Delphi will pay a 20 basis point amendment fee.

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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