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Delphi asks for exclusivity extension between company and statutory committees
By Jennifer Lanning Drey
Portland, Ore., July 14 - Delphi Corp. requested an extension, solely between the company and its statutory committees, to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.
Delphi wants to extend the exclusive plan-filing period to Oct. 31 from Aug. 31 and the solicitation period to Dec. 31 from Oct. 31.
Delphi's statutory committees include its official committee of unsecured creditors and its official committee of equity holders.
The company said the motion was being filed "solely out of an abundance of caution" and that the company still expects to emerge from bankruptcy "as soon as reasonably practical."
As previously reported, on April 30 Delphi gained approval to extend its exclusive plan-filing period to 30 days after its confirmed plan takes effect and its solicitation period to 90 days after the plan effective date.
In Monday's motion, Delphi said it is working with its stakeholders to evaluate the company's options for moving forward with emerging from Chapter 11 after its former plan of reorganization investors terminated their agreement to invest in the company to help it emerge from bankruptcy.
The company said it may have to modify its plan of reorganization, which was confirmed on Jan. 25, in light of the plan investors' decision not to fund the plan.
A hearing on the exclusivity extension between Delphi and the statutory committees has been scheduled for July 31.
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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