Delphi reorganization plan overwhelmingly rejected by voting creditors

By Caroline Salls

Pittsburgh, July 21 - Delphi Corp.'s amended plan of reorganization was overwhelmingly rejected by the company's creditors, with only the General Motors and Pension Benefit Guaranty Corp. claim classes voting convincingly to accept the plan, according to ballot tabulations filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the one holder of $7.14 billion in PBGC claims and the one holder of $1 in GM claims voted to accept the plan.

Among other creditor votes:

• A total of 58 holders of $440.56 million in senior note claims voted to accept the plan, while 182 holders of $1.17 billion voted to reject it;

• A total of 32 holders of $12.6 million in TOPrS claims voted to accept the plan, while 229 holders of $166.85 million voted to reject it;

• Three holders of $135,191 in Delphi DAS debtor class 1-A1 claims voted to accept the plan, while 20 holders of $431,992 voted to reject it;

• A total of 568 holders of $230.3 million in Delphi DAS debtor class 1-C1 claims voted to accept the plan, while 1,815 holders of $171.49 million voted to reject it;

• A total of 14 holders of $222,096 in Connection System debtor claims voted to accept the plan, while 92 holders of $682,539 voted to reject it;

• One holder of $81,284 in Specialty Electronics debtor claims voted to accept the plan, while 17 holders of $95,123 voted to reject it;

• A total of four holders of $25,363 in Delco Electronics Overseas Corp. claims voted to accept the plan, while five holders of $16,004 voted to reject it;

• A total of six holders of $575,171 in Delphi Diesel Systems Corp. claims voted to accept the plan, while 38 holders of $1.19 million voted to reject it;

• A total of 29 holders of $1.79 million in Delphi Mechatronic Systems, Inc. claims voted to accept the plan, while 76 holders of $873,788 voted to reject it;

• A total of 21 holders of $897,295 in Delphi Medical Systems Colorado Corp. claims voted to accept the plan, while 153 holders of $1.74 million voted to reject it;

• A total of three holders of $23,773 in Delphi Medical Systems Texas Corp. claims voted to accept the plan, while 32 holders of $155,014 voted to reject it; and

• All 10 holders of $43,536 in MobleAria, Inc. claims voted to reject it.

The plan approval hearing is scheduled for Thursday.

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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