Delphi amends DIP facility to extend financial filing deadlines, allow deposits toward employee buyout

By Caroline Salls

Pittsburgh, June 20 - Delphi Corp. entered into the third and fourth amendments to its debtor-in-possession financing agreement, giving the company more time to deliver its audited financial statements for the year ended Dec. 31, 2005 and quarterly statements for the periods ended March 31 and June 30, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the audited financial statements for the year ended Dec. 31, 2005 are now due on July 19, the quarterly financial statements for the period ended March 31 are due on the latest of July 31 and 30 days after the date on which the 2005 statements are delivered, and the quarterly statements for the period ended June 30 are due on the later of the due date specified by the SEC and 30 days after the 2005 statements are delivered.

Additionally, the fourth amendment allows Delphi to make up to $175 million in cash collateral deposits to satisfy its obligations under the UAW and General Motors Corp. employee buyout program.

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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