Delphi asks court for second exclusivity extension to negotiate plan

By Alice Popovici

New York, Sept. 8 - Delphi Corp. asked the court for a second extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive plan-filing period to Nov. 30 from Sept. 30 and the solicitation period to Jan. 31 from Nov. 30 "to prevent any lapse in exclusivity as between the [company] and the creditors' committee," according to the motion.

A hearing has been scheduled for Sept. 24.

Delphi said it has made progress in "resolving issues facing its creditors and estates" and reconciled most of the claims filed in its cases, but more time is needed to address contingencies that remain.

The company said that its cases are "indisputably large and multi-dimensional," according to the motion. "At the time of its Chapter 11 filing, Delphi ranked as the fifth largest public company business reorganization in terms of revenues and the thirteenth largest public company business reorganization in terms of assets."

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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