Delphi requests examination of Barclays in connection with unpaid $9.05 million swap agreement debt

By Caroline Salls

Pittsburgh, May 19 - Delphi Corp. requested an examination of Barclays Bank plc in connection with an unpaid $9.05 million swap master agreement debt owed to Delphi, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

In refusing to pay the amount owed, Delphi said Barclays has asserted a right of setoff on account of speculative and unliquidated claims that it believes it may have against Delphi in connection with Barclays Capital Inc.'s participation in the pre-bankruptcy issuance of Delphi debt instruments.

However, Delphi said Barclays has failed to justify any authority for asserting the alleged setoff right.

As a result, Delphi is requesting an examination of the alleged setoff right and production of any related documents.

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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