Delphi granted two-month exclusivity extension in case of closing delays, alternate transaction

By Jennifer Lanning Drey

Portland, Ore., July 23 - Delphi Corp. was granted an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan Thursday from the U.S. Bankruptcy Court for the Southern District of New York, according to an attorney.

The exclusive plan-filing period was extended to Sept. 30 from July 31 and the solicitation period to Nov. 30 from Sept. 30.

As previously reported, Delphi has proposed an amended plan of reorganization under which the company would emerge from Chapter 11 through a transaction with Parnassus Holdings II, LLC.

When requesting the exclusivity extension, Delphi said it hoped to close on the related transactions on or about July 31, but a closing may not occur on that date because of the need for foreign government approval.

Delphi also said in the motion that seeking to consummate an alternative transaction to the current agreement would require additional time.

Since then, Delphi has agreed to again modify the plan as part of an agreement with its official committee of unsecured creditors and Wilmington Trust Corp., the indenture trustee for several series of unsecured notes.

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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