Delphi contributes $61 million to U.S. pension plans

By Caroline Salls

Pittsburgh, Oct. 13 - Delphi Corp. contributed about $61 million to its U.S. pension plans in October, according to an 8-K filing with the Securities and Exchange Commission.

According to the filing, these defined benefit pension plans are sponsored by Delphi and some of its U.S. subsidiaries, and the amount contributed represents the portion of the pension contribution for services rendered by Delphi and subsidiary employees in the third quarter of 2006.

Under the Employee Retirement Income Security Act and the U.S. Internal Revenue Code, a $300 million minimum funding payment was due on Oct. 13. However, as permitted under Chapter 11, Delphi made only the portion of the contribution attributable to post-bankruptcy-petition service.

The unpaid portion of the minimum funding payments remains payable as a claim against Delphi and will be determined in Delphi's plan of reorganization.

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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