Delphi contributes $59 million in first-quarter pension plan payments

By Caroline Salls

Pittsburgh, April 18 - Delphi Corp. contributed about $59 million to its U.S. pension plans on April 13 for services rendered in the first quarter of 2006, according to an 8-K filing with the Securities and Exchange Commission.

Under the Employee Retirement Income Security Act and the U.S. Internal Revenue Code, a $0.3 billion minimum funding payment was due on April 14.

However, as allowed under Chapter 11, Delphi contributed 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 the company'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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