Delphi Corp. (DPHIQ.PK,DPHIQ), a supplier of vehicle electronics and transportation components, Thursday said that Judge Robert Drain of the US Bankruptcy Court for the Southern District of New York entered an order confirming the First Amended Joint Plan of Reorganization, as modified, of the company and certain of its affiliates. The Court ruled that Delphi met all of the statutory requirements to confirm the modified plan.
Delphi's Chapter 11 cases were filed on Oct. 8, 2005. The company said it plans to emerge during the current calendar quarter following the syndication and closing of its exit financing facilities and satisfaction of other conditions to the effective date of the plan. This includes closing on transactions contemplated under the provisions of the Master Disposition Agreement.
According to the company, the plan has the support of certain DIP Lenders and the administrative agent, the Creditors' Committee, Wilmington Trust Company as indentured trustee, the Pension Benefit Guaranty Corporation, certain state and federal agencies, and various other parties.
Rodney O'Neal, Delphi's Chief Executive officer and President, stated, "We deeply appreciate the support of Delphi by all of our customers, employees, suppliers and other stakeholders during one of the most challenging periods in automotive history. Delphi has executed a dramatic transformation of our business during the restructuring process and will emerge as a strong and resilient company."
DPHIQ closed Thursday's trading at $0.0510, down $0.0005, on a volume of 7.77 million shares.
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