Delphi auction pushed back to Tuesday following chambers conference

By Caroline Salls

Pittsburgh, July 17 - Delphi Corp. has postponed its auction to July 21 from July 17, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company said the decision to postpone the auction was made following a chambers conference held Thursday with Delphi, its official committee of unsecured creditors, General Motors Corp. and all potential bidders.

As previously reported, Delphi said last week that the deadline for submission of potential alternative transactions to the offer received June 1 by Platinum Equity LLC affiliate Parnassus Holdings, LLC and GM Components Holdings, LLC had passed without any alternative offers from the three bankruptcy court-approved third-party qualified bidders.

Although no alternative transactions were submitted, Delphi said it had received a notice that credit agreement administrative agent JPMorgan Chase Bank, NA might submit a credit bid.

According to Friday's filing, the agent must now state on record whether a pure credit bid will be made at the start of the auction.

The final hearing on the emergence transactions is scheduled for July 23.

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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