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Delphi requests court OK of agreement to share some investigation information with creditors committee
By Caroline Salls
Pittsburgh, March 29 - Delphi Corp. requested court approval of an agreement with its official committee of unsecured creditors, under which the company has agreed to share selected confidential information and consult with the committee in connection with investigations, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.
Delphi said any information it may choose to provide to the committee would be subject to information sharing and confidentiality provisions, including the requirement that committee members are not permitted to disclose the information to anyone except other committee members.
According to the motion, before the company filed for bankruptcy, informal and formal investigations were started by the company and other third parties, including an internal review conducted by the company's audit committee, formal ongoing investigations by several governmental agencies and the company's restatement of earnings for fiscal years 2001 to 2003.
In addition, several class action lawsuits were filed, including various securities actions and the review by a special committee of the company's board of directors of some shareholder derivative demands.
Delphi is also the subject of an ongoing investigation by the Securities and Exchange Commission and other federal authorities involving its accounting for and the adequacy of disclosures for a number of transactions dating from the company's spin-off from General Motors.
A hearing is scheduled for April 7.
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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