Delphi gets two-month exclusivity extension to address contingencies

By Caroline Salls

Pittsburgh, Sept. 28 - Delphi Corp.'s exclusive period for filing a plan of reorganization has been extended to Nov. 30 from Sept. 30, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company's exclusive period for soliciting votes on the plan has also been extended to Jan. 31 from Nov. 30.

According to the filing, the extension applies solely to Delphi's official committee of unsecured creditors.

As previously reported, 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.

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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