Delphi contributes $60 million to defined benefit pension plans

By Caroline Salls

Pittsburgh, July 14 - Delphi Corp. contributed about $60 million to its U.S. defined benefit pension plans Friday, according to an 8-K filing with the Securities and Exchange Commission.

The amount contributed represents the portion of the pension contribution for services rendered by employees in the second 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 Friday, but, as permitted under Chapter 11, Delphi contributed only the portion of the contribution attributable to post-bankruptcy service.

The unpaid portion of the minimum funding payment 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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